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72 I N D U S T R Y I N S I G H T / B R I A N L E E When Lewis Lapham wrote, "e state of perpetual emptiness is, of course, very good for business," he wasn't referring to the U.S. foreclosure system. e massive void of thousands of distressed and abandoned homes affects so many people and infects so many communities across the country. e problem can be as harsh on the eyes as it is hard to untangle; complexity begets confusion while despair moves into that place where the heart once resided. "e foreclosure process has its problems, from taking much too long to having complicated and conflicting national and local guidelines to significant exposure of risk and loss," said Steve Salimbas, CEO of Agios World Wide, Inc. "Sadly, many people who have defaulted [on their mortgages] don't know what options really exist." e side effects of this mortgage morass can range from disgusting and disturbing to outright dangerous. In Fairfax County, Virginia, traditionally one of the richest counties in the country, police discovered blood inside a vacant house. e Washington Post reported that an injured sexual assault suspect had been hiding there before he stole a car and fled. "ere's no one there for accountability," a police lieutenant told the newspaper about the wave of abandoned homes that hit Northern Virginia communities during the foreclosure crisis. e City of Atlanta had one of the few police departments that formed a special vacant home burglary team during the housing downturn. CNN reported that the estimated damage in one house was between $15,000 and $20,000 for a theft of only about $40 worth of copper. "ey took the stove, the refrigerator, the cabinets, everything, including the kitchen sink!" a contractor told the news organization. In 2016, a woman in Fort Walton Beach, Florida, consumed around 56,000 gallons of water from a foreclosed home in which she was squatting. Charged with theft of utilities, the suspect told deputies she knew the house was under foreclosure and that the lock on the water meter had been broken, according to the Northwest Florida Daily News. e loss of a home, a resident's sanctuary and a big part of their identity, is already such a major burden to bear. It goes beyond economic and social to the psychological, beyond the convenient coinage of Wall Street to Main Street. One most consider that the ill effects of the foreclosure crisis and its persisting problems, like those mentioned above, are not only cumulative but also self-exacerbating. e size, intensity, and complexity of the problem require major public and private reform, as well as strong focus and effort from cities to communities to the consumer. CARE DOWN, COSTS UP In the January 2017 white paper, "Understanding the True Costs of Abandoned Properties: How Maintenance Can Make a Difference," Aaron Klein, the former Deputy Assistant Secretary for Economic Policy at the U.S. Treasury, tackled crime, property values, and city resources as the three main areas The heavy burdens of foreclosure can be felt by all in the housing market, from the buyers and mortgage lenders to the cities where homes are built. It will take all these parties and more to address the issue and weather the storm. THE EYE OF THE STORM

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