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Between 1998 and 2000, Des Moines had more
than 3,336 unregulated real estate contract sales. Twenty-five percent
of these homes were considered by the city to be in below normal,
poor, or very poor conditions. In some cases, unethical contract
sales companies sold properties which were condemned and slated
for demolition.
Buyers hoping to achieve home ownership were set up to fail by companies
that take their money but apparently never intended to actually
sell them the home.
Residents in neighborhoods with a high concentration
of contract sale properties watched as more and more houses changed
hands repeatedly and fell into a downward spiral of disrepair. The
inflated sale prices of these homes increased property taxes for
surrounding residents and the availability of affordable housing
declined.
CCI's work to hold unethical contract sellers accountable, in conjunction
with winning the passage of a Contract Sales Inspection Ordinance
in 2002, has nearly eradicated predatory contract sales in the
Des Moines Metro area. |
