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Both NBC and CBS decided that the housing market deserved feature coverage in its own right, unconnected from the stock market. NBC studied the Miami condominium bubble In Depth as Kerry Sanders surveyed the city's 37 new high rise apartment buildings with 20,000 extra units coming on the market over a three-year period. "Vulture investors" are "circling for deals," picking up apartments that cost $250K last year for a snap at $199K. Meanwhile Hari Sreenivasan looked at the economic ripple effect of foreclosures for CBS' Real Estate, Real Solutions series. Combiner the adverse impacts on the evicted homeowner, the foreclosing lender, property-owning neighbors and tax collecting local governments--and Sreenivasan cited an average of $80K in lost wealth for every house that is repossessed. No wonder municipalities sponsor programs to help delinquent payers stay out of deeper trouble.
Andrew Tyndall 8/5/07 4:57:41 am

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