Million dollar squatters

[edhopper]

this is remarkable.
http://bigpicture.typepad.com/comments/2008/03/foreclosure-pro.html#comments

[NMDemDist2]

1. wow

:wow:

I sent the link to DrHousingBubble with the speculation it's happening in SoCal too

thanks for posting!

[kestrel91316]

2. Just one MORE way for the rich to get richer.....

[Warpy]

3. These bankers aren't as stupid as they look

Florida real estate is completely in the dumper. There is no way to sell these properties even at fire sale prices because those same banks are simply no longer writing mortgages that high.

Keeping those places occupied by the millionaire squatters is a good deal for them. That means that the places will be kept up and kept free of vagrants, vandals and vermin for the duration. It also means that adjacent property values won't be driven down by derelict housing.

Now if they'll only get it about the McMansion neighborhoods that the less well heeled yuppies bought, we'll have far less of a crisis on our hands.