Did you hear the investor lady that called in to Rush yesterday?
She said the foreclosed houses in Detroit are worth LESS than the land value because you have to tear down the structure that the former “owners” trashed in order to make the land usable.
I heard that call yesterday, and couldn’t believe Rush didn’t get what she was saying. Doesn’t he know what bums do to the houses the bank takes away from them? I live in a small town, and have seen so-called “respectable” people destroy houses when they get reposessed.