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Wrapping Up Foreclosure Properties, Literally

Did a lot of boating this weekend and there seemed to be a lot of boats still under “wraps.” So today I saw an interesting article in The Real Deal/Miami (hat tip to WSJ Developments Blog [1]) Foreclosures could put houses in plastic [2]

Foreclosures, dried-up financing and simple bad timing means countless South Florida construction projects now sit unfinished and all but abandoned. In the subtropical climate, the wood develops mold and degrades and the metal rusts.

…the company has wrapped three homes in the past several months, and is working with a group in Pennsylvania to begin wrapping 240 homes in the Northeast.

It’s a growing problem – not sure this is the answer but perhaps it beats the alternative.