Originally published on Thu July 24, 2014 6:39 am
"Foreclosure, foreclosure, foreclosure."
Real estate broker John Susani drives down a Paterson, N.J., street where every third house seems to be abandoned or boarded up. During the boom years money flooded into Paterson.
"The banking industry allowed everyone to be a homeowner; they gave mortgages to people [just because they were] breathing," Susani says.
In some cases, he says, home prices jumped as much as 50 percent. The homes on these streets aren't worth nearly that much anymore.