NPR reports, as huge numbers of foreclosed homes continue to work their way through the real estate pipeline, another problem is blossoming — mold. In most homes, as residents go in and out and the seasons change, natural ventilation sucks moisture up to the attic and out through the roof. It's called the "stack effect." And in many parts of the country, it's driven by air conditioning in the summer and heat in the winter.
But no one is going in or out of most foreclosed homes — regardless of climate — and the effects can be devastating. In some states, it's estimated that more than half of foreclosed homes have mold and mildew issues. Realtors across the country say they're seeing the problem in everything from bungalows to mansions.
Realtors say they don't think banks mean to incur thousands of dollars in mold damage just to save on monthly utility bills. But the mold problem appears largely to be a manifestation of the foreclosure crisis. Bills go unpaid, houses sit vacant, and the whole process takes much longer than anyone wants. Charges of faulty paperwork have slowed the pace of foreclosures in recent months, and that may be exacerbating the mold problem as those houses sit and bake through the long, hot summer.
