Cleveland and Baltimore are now suing giant banks for their complicity in the matter and charging them for being ‘public nuisances.’ Real estate foreclosures are creating havoc in society. Real estate foreclosures are also bringing down the prices of those houses not in foreclosure because the entire region becomes vitiated with crime. Taxes are not coming through because as per rules when a house is in foreclosure it is in a state of limbo and taxes do not have to be paid. The new owner at the time of purchase clears tax dues. Unfortunately there are few buyers in the market and the tax authorities are beginning to feel the pinch. Times are hard for all concerned – the victims and the prey as well as the killing fields.
