A study of two states released by the Federal Reserve Bank of Cleveland suggests that fast-tracking foreclosures on vacant properties could provide states with substantial savings.
Fast-tracking the properties would prevent damage to vacant homes, which is costly to repair and brings down surrounding properties home values. The study reports that Ohio could have saved between $24 and $129 million in 2012, while Pennsylvania could have saved an estimated $24 to $54 million by fast-tracking properties through the judicial system. Read how Consumers Show Renewed Confidence in Housing Recovery:
Fast-tracking the properties would prevent damage to vacant homes, which is costly to repair and brings down surrounding properties home values. The study reports that Ohio could have saved between $24 and $129 million in 2012, while Pennsylvania could have saved an estimated $24 to $54 million by fast-tracking properties through the judicial system. Read how Consumers Show Renewed Confidence in Housing Recovery:
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