Good segment last night on 60 minutes discussing the housing market, and a new strategy in Cleveland for abandoned homes: demolition. As homes go into foreclosure the bank does not take the time or money to board up the homes, allowing vandals to enter and strip everything of value.
It interviews many of the residents in the area that continue to pay the monthly mortgage on the homes that are drastically underwater. There are 11 million of these unfortunate Americans who now only send the payments in due to principle. Hopefully no one tells them that they can now live payment free in their home for close to 2 full years if they stop sending the monthly mortgage payment to our too big to fail banks.
