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American taxpayers own close to 200,000 vacant houses, and over the next year they will spend more than $40 million just to mow lawns at these properties.
The housing bailout has already cost taxpayers $124 million, now Americans are spending hundreds of millions more fixing up foreclosed homes to try and sell them. It is a bizarre and expensive side effect of the housing market collapse and failure of Fannie Mae and Freddie Mac, the mortgage giants that went into federal conservatorship in 2008.
To localize:
