Cohousing-L Mailing List: Re: Low cost housing

[Sharon Villines (sharon]

On May 18, 2008, at 3:56 PM, John Faust wrote:

> My instinct is simply that low income housing will always be a
> problem and that most conventional institutions would like to avoid  
> it.

I think banks are concerned about one thing: Resale value because most  
people never pay off their mortgages -- they move first.

Drops in home prices are temporary, but buildings that are falling  
apart or are just too strange for anyone else to want, are impossible  
to sell. The bank loses all their money when people just walk away.

Sharon
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Sharon Villines
Takoma Village Cohousing,Washington DC
http://www.takomavillage.org