The American Real-Estate Market

If you have been following a respectable media source, like this blog, you already know that only suckers pay their mortgages and organized gangs are systematically seizing homes.


If you only read a partisan newsletter, like the New York Times, you found out about this today.

With Advocates’ Help, Squatters Call Foreclosures Home –
Mr. Rameau said his group differed from ad hoc squatters by operating openly, screening potential residents for mental illness and drug addiction, and requiring that they earn “sweat equity” by cleaning or doing repairs around the house and that they keep up with the utility bills.

“We change the locks,” he said. “We pull up with a truck and move in through the front door. The families get a key to the front door.” Most of the houses are in poor neighborhoods, where the neighbors are less likely to object.

Hat-tip to Calculated Risk.