Holy smokes

The Big Picture | Lender-Abandoned, Non-REO Foreclosures

"In some cities that have low property values, where there are dense concentrations of foreclosures, you see lenders who file foreclosure proceedings but don't actually take control of the properties, because the lenders have to maintain them and pay taxes on them." "There are areas in some parts of the country where property values are quite low, and there are no large-scale expectations of them going up. They don't know that they will ever recoup those costs," and so the lenders never re-take title to the properties, allowing them to become derelict." (emphasis added)

There you have it: Abandoned, Non-REO Foreclosures.

Yowza, this is just starting.....