As America's real estate crisis slowly recovers along with our economy, more than 14 million properties remain vacant or abandoned across the country. Real estate is considered a vacant property when it is not currently occupied or in use. This includes empty lots as well as structures.
Cities like Detroit, Cleveland, and Las Vegas are dealing with thousands of undeveloped lots, empty houses, and even entire neighborhoods, as well as commercial, retail and industrial properties. This has not only resulted in an increase in crime but also in lower property values for surrounding areas. Local communities left to care for these properties by default do not have the necessary time or resources to keep the structures in good condition, thus causing an increase in exposure to risks like vandalism, fire, theft, and water damage. In turn, these risks hinder the possibility of resale and revitalization in the future as economic conditions continue to improve, leading to possible setbacks throughout our communities.
Environmental Concerns
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