This one also doesn’t look so bad. There is only one dish antenna which suggests it has not been overpopulated. If I understand the Providence system, the Property Card indicates that there was recently a very small loan against it in favor of Rhode Island Housing.
This house is across the street from me. The family (4 adults, 2 kids) that was living there was renting and paying their rent on time. Apparently, the landlord was just pocketing the cash and not paying the mortgage. The bank foreclosed last fall and gave the tenants 30 days to get out. It was immediately boarded up as soon as they were out. I see some activity going in and out periodically, which I presume is bank contractors cleaning it up inside.
“wow that sucks, hopefully the new laws PVD is putting into place will help prevent this in the future”
Be careful what you wish for. Banks do not want to be landlords. If placed in that position, they will only want out. Maintenance will definitely go to the back burner. There is a bill before congress to allow/require the banks to lease back to former owners. These are “triple net” leases, leaving the tenants responsible for everything. While this is not really different from ownership, I think the tenants will be less inclined to sacrifice. There is also a provision that the former owners must prove they can afford it. In the heyday of “toxic mortgages” this was not required. Probably only a small percentage of former owners can show enough income to qualify for a “fair market” lease.
One must always be cautious when the government is involved. Those of you whose interest in real estate is recent may not recall the situation that prevailed in Dallas a few years ago. The FHA was foreclosing houses and making the former owners homeless. The FHA then made the foreclosed houses “homeless shelters”. The former owners did not qualify because they had not been homeless long enough.
There is also the problem that New England is losing its congressional influence because of declining population. Massachusetts will be losing one congressman in the next redistricting. One wonders, if the U.S. had been settled from West to East, would New England be a national park?
The real farmers left around 1850, industry attracted by water power has fled, our port cities flourished from foreign trade with Europe which is now with Asia, skilled workers have been fleeing for 20 years. Our education industry produces a large number of skilled workers, but our economy does not provide jobs for them. The remaining “high tech” and medical industries are not really tied here. Our politicians march to the beat of a 50 year old drum when Providence had a population 40% larger than present. While reviewing the real estate foreclosures, investigate the “commercial auctions”. Once you wade through the restaurants and pizza shops, you will notice a lot of basic industry.
This one also doesn’t look so bad. There is only one dish antenna which suggests it has not been overpopulated. If I understand the Providence system, the Property Card indicates that there was recently a very small loan against it in favor of Rhode Island Housing.
This house is across the street from me. The family (4 adults, 2 kids) that was living there was renting and paying their rent on time. Apparently, the landlord was just pocketing the cash and not paying the mortgage. The bank foreclosed last fall and gave the tenants 30 days to get out. It was immediately boarded up as soon as they were out. I see some activity going in and out periodically, which I presume is bank contractors cleaning it up inside.
wow that sucks, hopefully the new laws PVD is putting into place will help prevent this in the future
“wow that sucks, hopefully the new laws PVD is putting into place will help prevent this in the future”
Be careful what you wish for. Banks do not want to be landlords. If placed in that position, they will only want out. Maintenance will definitely go to the back burner. There is a bill before congress to allow/require the banks to lease back to former owners. These are “triple net” leases, leaving the tenants responsible for everything. While this is not really different from ownership, I think the tenants will be less inclined to sacrifice. There is also a provision that the former owners must prove they can afford it. In the heyday of “toxic mortgages” this was not required. Probably only a small percentage of former owners can show enough income to qualify for a “fair market” lease.
One must always be cautious when the government is involved. Those of you whose interest in real estate is recent may not recall the situation that prevailed in Dallas a few years ago. The FHA was foreclosing houses and making the former owners homeless. The FHA then made the foreclosed houses “homeless shelters”. The former owners did not qualify because they had not been homeless long enough.
There is also the problem that New England is losing its congressional influence because of declining population. Massachusetts will be losing one congressman in the next redistricting. One wonders, if the U.S. had been settled from West to East, would New England be a national park?
The real farmers left around 1850, industry attracted by water power has fled, our port cities flourished from foreign trade with Europe which is now with Asia, skilled workers have been fleeing for 20 years. Our education industry produces a large number of skilled workers, but our economy does not provide jobs for them. The remaining “high tech” and medical industries are not really tied here. Our politicians march to the beat of a 50 year old drum when Providence had a population 40% larger than present. While reviewing the real estate foreclosures, investigate the “commercial auctions”. Once you wade through the restaurants and pizza shops, you will notice a lot of basic industry.