[quote=CONCHO][quote=jpinpb]
For those that are investors, why would you think they are empty? Most likely rented out and owner collecting rent(s) and not paying their mortgage(s). How many people during the bubble have bought multiple properties in their attempt to be real estate tycoons and gather rent from multiple properties, now just collecting rent and not paying the mortgage.
I think some people underestimate this b/c it’s not something that they would do themselves.[/quote]
+1. I have a feeling this is rampant. And guess what, these people will soon be sitting on piles of cash to — guess what — buy houses with! Someone I know did exactly this in AZ. Defaulted on 2 homes, collected rent on one of them, waited it out a couple of years, stashed away the cash. By the time the foreclosures went through they had purchased their new home for cash. Bad credit? Who cares?
When the Big Boyz at the top are getting away with murder, don’t be surprised to see your neighbor trying to do the same sort of thing.[/quote]
X2, jp and Concho.
For anyone who doubts that deadbeats are still squatting, follow the NODs and NOTs for awhile. You’ll find that the same homes keep coming up for auction, and they are being postponed or cancelled far more often than auctioned off.
They are not foreclosing on most of the defaulting mortgages that I’ve seen. I’ve had to stop following them because the BS was so rampant.
