It may have seemed inevitable given the mortgage meltdown, but it is still shocking when you drive through a neighborhood that seems to be entirely filled with ‘For Sale’ signs. The cities here aren’t entirely deserted, of course, but they are examples of the cities that have been hit hard enough to lead residents to abandon their homes.
…s thousands of speculators who were drawn to the region because of its recent track record of housing price increases. Squatters are increasingly seen occupying the abandoned properties.
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North Los Angeles County, California
With the vision of urban sprawl connecting Los Angeles to Bakersfield and the plans for a train connecting the two, builders began winding through the hills to the north from LA. Today, in Antelope Valley, for example, it is not unusual for long-term rental property owners to have to deal with tenants who recently lost their own home to foreclosure and are having difficulty getting back on their feet. In some cases, tenants do everything from the typical stripping of copper wire to be sold to the more bizarre use of cabinets for firewood. Abandoned investment properties are on the rise.
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Miami, FloridaMiami-Dade and neighboring Broward counties have experienced an extremely high rate of foreclosures over the past two years. It is estimated that 143,000 homes were…
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Modern Day Ghost Towns of Abandoned Real Estate
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