How bizarre, but the logic is sound; the foreclosed/abandoned homes have to come down. We have a lot of “For Sale” signs around, but not enough empty homes for the municipalities to start offering the properties to neighboring owners.
I gave my son some money for a fixer upper in Miami in 2001. His wife used equity loan to pay off her student loan, but recently it turned out the house was worth less than they owed. They ended up doing a short sale and relocating. At least she doesn’t owe a lot of student loan money.