Not everyone wants to buy a mold-infested foreclosure, but Dan Grohs does.
He and his Realtor are walking through a three-bedroom house in Minneapolis. The copper pipes have been stolen by vandals and the heat doesn't work, but Grohs recently bid on the house — and he sees potential.
"It's got a nice flow to it," Grohs says as he moves through the home. "You walk in — living room, dining room, kitchen. Good spacious rooms."
Across the country, big banks and other large investors are buying up tens of thousands of foreclosed rental properties. They're not always model landlords, according to tenants and regulators. Some banks are failing to follow local and state housing codes, leaving tenants to live in squalor — without even a number to call in the most dire situations.
Originally published on Thu February 16, 2012 6:55 am
We have a slew of economic data out today and the big picture is that the economy is on the rebound. So, let's get to the numbers:
-- The Labor Department said the number of people seeking jobless benefits dropped by 13,000 to a seasonally adjusted 348,000. The AP reports "it was the fourth drop in five weeks and the fewest number of claims since March 2008."
-- Led by a surge in apartments, housing starts were up 1.5 percent.
There was one little-noticed part of this week's announcement about the $25 billion national mortgage settlement. North Carolina's banking commissioner, Joseph Smith Jr., will take over a new role and serve as independent monitor. He'll oversee the five banks which agreed to new mortgage loan servicing and foreclosure standards.