When, in 2004, the Federal Reserve raised the interest rate banks were charging each other to lend Federal Reserve funds just as new rates on mortgages reset, housing prices started falling and supply outweighed demand, by far. Kimberly Amadeo, writing for The Balance, says because of deregulation, banks began to demand more mortgages. The cost of refurbishing such pieces of real estate can be more expensive than it would be to build another house. There is the asbestos factor, along with lead-infused paint about which to be concerned. Environmental and Sustainability Issues AriseĮnvironmental regulations often require homeowners and businesses alike to get rid of their septic tanks or old wiring. Too often the price for bringing a house back to life is prohibitive. A home, for example, may need rewiring, replumbing, foundation repair, and concrete replacement.
There are times when the renovation or replacement of a building is just not cost-effective.
New York state has thousands of what they call “zombie buildings.”Ībandonment Factors The Cost of Renovation and Repair The 2010 census found that there were approximately 19 million abandoned properties in America. The bureau estimates that millions of homes have been vacated nationwide. StatisticsĪccording to the US Census Bureau, the bureau has found 48,000 abandoned homes in the Baltimore city limits alone. We looked long and hard at such real estate and asked ourselves, “What factors came into play to make this particular house or property fall into such disarray? What are the reasons for this seemingly avoidable problem? How can a family lose its home?” Let’s break it down. This project inevitably led us to ponder the variety of factors that can lead iconic properties into various states of disrepair. Dronegenuity’s North Carolina team of aerial photographers recently set out to capture drone photos several abandoned properties, including the one in Asheville, depicted above. And despite the time and distance between the bad times and the good, it’s not unusual in 2018 to see an abandoned property, houses, or even business locations in US cities. Septemmarked the tenth anniversary of the collapse of Lehman Brothers. The collapse of the housing market began well over ten years ago.
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