“Many creative writers keep journals; the sociologist’s need for systematic reflection demands it.” -C. Wright Mills

The NYTimes reports that banks are increasingly walking away from foreclosed homes. Particularly at the lower end of the housing market, houses that fall into disrepair through lack of maintenance and vandalism are being abandoned by banks and burdening the original homeowners with clean up costs. This, of course, puts a double whammy on already struggling households as the costs of repair or demolition surely outweigh the maintenance costs they would have incurred had they been permitted to continue living in their homes. It also adversely impacts cities and surrounding homes through neighborhood effects. A triple whammy of negative externalities courtesy of the current financial system.