Cash-strapped landlords let evictions lag

[mEDITate-OR:

wonder where the money went...

This story from the AZ Republic tell U.S. about the other side of the landlord equation.

Here in AZ, the massive increase in available foreclosed home and unsold condos has had almost as great and impact on apartments as the job losses have.

And, just as home and cmcl properties - offices, malls, and hotels - have lost half of their values, landlords can find NO financing for selling their properties, yet.

As we oft said of business, like land-line phone co's...:

"They are technically bankrupt, even if they don't know it, yet."

What this also means is that it is a LOT more ugly than we see, or they are telling U.S. about.

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Cash-strapped landlords let evictions lag

http://www.azcentral.com/news/articles/2010/05/21/20100521maricopa-county-evictions.html

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• JGBHimself
• May-21 @ 12:19 AM

Believe it...

banks/lenders do not foreclose bcuz they cannot afford to write down/off the debt;

banks/lenders are hiding REO's bcuz they cannot sell them as fast as they are getting them and are trying to manage the sale prices;

underwater owners walking away from RE loans they never can pay on a home that will never, EVER return their lost equity;

commercial property owners not evicting store tenants bcuz if they do the last store WILL turn out their lights, and stop paying too;

and now apartments, buried by the foreclosed home competition, trapped like an underwater rat.

All of them, collecting anything they can still get their hands on, knowing that they are already BK. And, you think things are getting better?
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