In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Saturday, April 26, 2008

Vandos and Bandos

by Calculated Risk on 4/26/2008 08:18:00 PM

Bandos - squatters in abandoned homes.

Vandos - vandals that damage abandoned homes.

This is becoming a frequent story - from the WaPo: Foreclosed Homes Attract Vandalism

The growing foreclosure crisis has forced suburban law enforcement agencies to tackle a new challenge: policing empty houses.

As evictions mount and many houses remain unsold for months, even years, vacant properties have become havens for squatters, vandals, thieves, partying teenagers and worse, officials said.
And here is the source of "bandos", from the AP: Some homeless turn to foreclosed homes

Bandos is a funny name, but abandoned homes are a real pain for the neighbors; a classic negative externality.