SEARCH

Entries in Huntington Beach (1)

Tuesday
Jan182011

Foreclosed Homes: One in Five Vandalized Before Lenders Can Sell

Photo Courtesy - ABC News(HUNTINGTON BEACH, Calif.) -- At a time of record foreclosures, vandalized lender-owned homes are causing big headaches for banks and agents across the country.

Vandals have caused over $250,000 in damage to a foreclosed home in Huntington Beach, Calif. The two-story home was previously valued at over $1.7 million, but is currently undergoing extensive renovation before the bank that owns the home tries to sell it again.

Vandals poured cement and chemicals down drains and left water running in the bathtub to flood the property. All the drainage pipes had been clogged, which led to the pool to turn green. Mold and decay had spread around the home.

The home was at a foreclosure auction in August, listed for $1,782,214 in cash, but it returned to the bank when no one had bid on it. The police had no witnesses when the property vandalism was discovered in September, so they have not pressed charges.

Repairs to return the house to its original value are estimated at over $250,000. Work should be complete by the end of January.

Huntington Beach, Calif. is not the only city dealing with vandalism in distressed properties.

About 13.9 percent of all real estate properties owned by a bank or agency were so badly damaged that they did not qualify for standard mortgage financing, according to data collected from real estate agents across the country for November 2010.

Copyright 2011 ABC News Radio







ABC News Radio