Posts Tagged ‘Zombie foreclosure’
Long after recovery, the housing wealth gap in Richmond is worse than ever
As the country continues to recover from the economic crisis, and housing prices in the Bay Area have quickly resumed their ascent, Richmond is stuck in the biggest wealth gap in housing it’s ever known.
Read MoreZombie foreclosures: Richmond’s hidden housing crisis
Richmond has seen an increase in “zombie” foreclosures, meaning that the bank, upon foreclosing on the homeowner, never took ownership of the home. The practice allows banks to avoid liability. It also increases blight, and makes it difficult for the city to manage abandoned properties, which often turn into blighted eyesores.
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