Blacknbengal
Well-Known Member
Squalor, crime follow wave of foreclosures
Middle-class, new developments reeling from vacant homes, shady renters
"It's created a safety hazard. And if we have to sell our house tomorrow, we're out of luck," says Scott Smith, vice president of neighborhood association in an Atlanta suburb. "Real estate agents say to me 'We're not redlining you, but I tell my clients to think twice about buying here.'"
Eighty-five bungalows dot the cul-de-sac that joins West Ontario Avenue and East Ontario Avenue in Atlanta. Twenty-two are vacant, victims of mortgage fraud and foreclosure. Now house fires, prostitution, vandals and burglaries terrorize the residents left in this historic neighborhood called Westview Village.
"It's created a safety hazard. And if we have to sell our house tomorrow, we're out of luck," said resident Scott Smith. "Real estate agents say to me 'We're not redlining you, but I tell my clients to think twice about buying here.'"
As defaults surge on mortgages made to borrowers with spotty credit and adjustable-rate loans, more people are noticing that their neighbors are caught up in the meltdown. Their misfortunes are haunting those left living on the same streets. The effects aren't confined to just low-income or redeveloping communities; they are seeping into middle-class neighborhoods and brand new developments.
Rest Story
Middle-class, new developments reeling from vacant homes, shady renters
"It's created a safety hazard. And if we have to sell our house tomorrow, we're out of luck," says Scott Smith, vice president of neighborhood association in an Atlanta suburb. "Real estate agents say to me 'We're not redlining you, but I tell my clients to think twice about buying here.'"
Eighty-five bungalows dot the cul-de-sac that joins West Ontario Avenue and East Ontario Avenue in Atlanta. Twenty-two are vacant, victims of mortgage fraud and foreclosure. Now house fires, prostitution, vandals and burglaries terrorize the residents left in this historic neighborhood called Westview Village.
"It's created a safety hazard. And if we have to sell our house tomorrow, we're out of luck," said resident Scott Smith. "Real estate agents say to me 'We're not redlining you, but I tell my clients to think twice about buying here.'"
As defaults surge on mortgages made to borrowers with spotty credit and adjustable-rate loans, more people are noticing that their neighbors are caught up in the meltdown. Their misfortunes are haunting those left living on the same streets. The effects aren't confined to just low-income or redeveloping communities; they are seeping into middle-class neighborhoods and brand new developments.
Rest Story