I Think "Asinine" Pretty Well Covers This

I absolutely could not believe what I read today. Seems some of the real estate in some of the major cities is a real bargain these days. Now, I read the entire article and it would seem there have been so many foreclosures that lenders are actually offering these houses for under $5000.00, many as low as $1000.00 or even $500.00. Of course with the purchase of these homes, refurbishing is a given, as well as code regulation. Now, here's my thoughts on this. Of course, this is an interesting new urban renewal program, as many of these low-end homes are not exactly in the upscale neighborhoods. So, some guy goes in and puts his name on several dotted lines and suddenly he's a construction contractor for the city and county. Oh, I know, the house is in his name, he'll bear all the liability, but the city and county will be calling the shots and then when he meets all the code regulations, his tax assessment will reflect the increased property value. That's right, foreclosed property isn't much value on the tax role. That's one thought, here's another. If these homes are all in such disrepair and in code violation, how did they meet the standard for a mortgage to begin with? I mean I read about replacing wiring, plumbing, etc. We've sold real estate and when the deal is legit with ethical mortgage lenders, they go through the place with a fine tooth comb. So does this foreclosure mess have a lot to do with insurance denial? Clearly there is some sort of tax write off and profit loss going along with this decision, so . . . If these houses can be sold now, for $1000.00 or less, why did the foreclosed buyers have to move out? It just doesn't make sense to have so many empty houses and so many homeless people.
Because he hath oppressed and hath forsaken the poor; because he hath violently taken away an house which he builded not; Job