Lou Raguse write for WIVB.com 4 April 2013, Cheektowaga picks fight with big banks,

CHEEKTOWAGA, N.Y. (WIVB)—Neighbors in Cheektowaga say empty houses are ruining the value of their neighborhoods and bringing in unwanted guests.

Residents want to know why these properties, seized by banking giants, have been left to crumble. The town board says they have serious issues with the homeowners.

“In normal life, you would call them slumlords,” says Town Board Member Charlie Markel.

Those so-called “slumlords” are big banks like Bank of America and Chase. Markel says in too many cases, a homeowner falls behind on a mortgage and the bank begins to foreclose. But then, it stops short. He says the bank continues paying property tax but allows the homes to fall into disrepair, never allowing them back on the market for sale, or to be auctioned.

Let’s remember what last year’s study of America’s richest and poorest cities found about the Valdosta MSA:

Despite these positives, 14.4 percent of housing units were vacant last year [2011], higher than the national vacancy rate of 13.1 percent.

I wonder how big national and multinational banks are serving our area? And with a vacancy rate that high, and housing prices still dropping, why are we building more houses?

-jsq

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