By: Carl Gibson : gritpost – excerpt
The difference between the greed of the wealthy and the precariousness of American workers is painfully stark when looking at vacant homes.
2016 figures from ATTOM Data Solutions — which publishes comprehensive housing data — show that wealthy investors are buying up more and more real estate as a moneymaking venture while housing prices and homelessness continue to skyrocket across America.
According to ATTOM, 76 percent of all vacant homes in America are owned by investors — amounting to approximately 1.1 million vacant residential investment properties. Many of these vacant homes are in economically distressed Rust Belt cities with high poverty rates, like Detroit, Michigan, neighboring Flint, and Youngstown, Ohio. The states with the highest investment property vacancy rate also have high poverty rates. Michigan leads the pack with 10.3 percent vacancy, Indiana at 9.8 percent, Alabama at 6.9 percent, and Mississippi at 6.6 percent… (more)