American taxpayers own close to 200,000 vacant houses, and over the next year they will spend more than $40 million just to mow lawns at these properties. Taxpayers also foot the bills to paint walls, fix cabinets, plant flowers and more -- expenses that just last year, exceeded a half a billion dollars.
The housing bailout has already cost taxpayers $124 million, now Americans are spending hundreds of millions more fixing up foreclosed homes to try and sell them. It is a bizarre and expensive side effect of the housing market collapse and failure of Fannie Mae and Freddie Mac, the mortgage giants that went into federal conservatorship in 2008.
Fannie Mae alone repaired nearly 90,000 homes last year.
"That is a lot of homes, and it is a lot of materials that need to be purchased," said Jay Ryan, Fannie Mae's vice president of real estate owned homes. More
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