The Housing Crisis: Mark Guerette and the Realities of Home Ownership

The New York Times continues to examine the nuances of the housing meltdown with a story on Mark Guerette, a Floridian who is claiming blighted, abandoned homes, fixing them up, and renting them to needy families at low rates.

Catharine Skipp and Damien Cave report:

In a sign of the odd ingenuity that has grown from the real estate collapse, he is banking on an 1869 Florida statute that says the bundle of properties he has seized will be his if the owners do not claim them within seven years.

A version of the same law was used in the 1850s to claim possession of runaway slaves, though Mr. Guerette, 47, a clean-cut mortgage broker, sees his efforts as heroic. “There are all these properties out there that could be used for good,” he said.

Given Flint's abandoned housing problem, the story certainly resonated with me. The only problem? Guerette could end up in jail, and his tenants could end up on the street.

Read the full article here.