Did You Know You Paid $550 Million to Help Keep Foreclosed Homes Looking Pretty? [VIDEO] — Dollars and Sense
The housing market hasn’t had much good news lately. Now it’s gotten worse for people whether they own a home or not.
Turns out you may be footing the bill for maintaining foreclosed homes.
A new report found that taxpayers are footing the bill for law care for around 200,000 vacant foreclosed homes. So far, it’s cost $124 million to have the lawns mowed and the hedges trimmed since Fannie Mae and Freddie Mac collapsed. It’s projected to cost another $40 million to mow lawns outside vacant homes in the next year.
The bills don’t end there, though. When you factor in other types of home repair, the costs soared last year to more than $550 million. These homes, however, won’t be going away any time soon. The problem is that Fannie Mae and Freddie Mac have been foreclosing on more homes than they have been selling.
True to the old adage that you’ve got to spend money to make money, Fannie Mae insists that maintaining foreclosed homes will ultimately save taxpayers in the long run and become more attractive to potential buyers.