Foreclosure's Residue

New York Times (05/27/08) P. C1; Bajaj, Vikas
The foreclosure crisis has been good for business for thousands of contractors who are hired by mortgage companies to inspect and maintain abandoned homes. The upkeep of foreclosed homes has become more of a focus for local and state governments that want to preserve real estate values in neighborhoods and deter drug and gang activity. Local governments have increased their code enforcement efforts by fining mortgage companies for allowing repossessed homes to deteriorate. Vacant homes could become more of a problems for mortgage companies and local governments, as economists forecast a couple of million more homes will enter foreclosure in the next two years, says Cheryl Lang, president of Integrated Mortgage Solutions in Houston.