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PROVIDENCE, R.I. (WPRI) –A vacant two-story home in Providence’s Silver Lake neighborhood has become such an eyesore that not even the bank wants anything to do with it.
Empty for over a year, the first floor windows at the 223 Roosevelt Street property have been replaced with boards, old phone books have stacked up on the porch and the driveway has been transformed into a dumping ground for Heineken bottles and broken television sets.
The property is one of the nearly 2,000 city homes and 7,000 homes statewide that have entered the foreclosure process since 2009, according to figures released by HousingWorks RI, an affordable housing advocacy group.
But while the vacancies pile up, critics say banks have no incentive to complete foreclosures because they would become responsible for the property.