Houston

Everyone Knew Houston’s Reservoirs Would Flood —
Except for the People Who Bought Homes Inside Them

houstonrezAs the downpours began and Jeremy Boutor studied maps flashing on his TV screen, he realized that his home wasn’t at risk of flooding just because of record rainfall; it was also located inside one of two massive reservoirs that had been built west of Houston decades ago to protect the city.

Boutor ended up with more than a foot of water in his house and was forced to wade out of his home in knee-deep water with his 10-year-old son clinging to his back.

He and his neighbors are now coming to terms with the fact that in big enough rainstorms, their neighborhoods are actually designed to flood. And nobody told them about it.

More at Propublica

“Vulture” home buyers descend on Houston

Bryan Schild drives through the byways of Houston looking for what could be the investment opportunity of a lifetime: homes selling for as little as 40¢ on the dollar. “We Pay Cash For Flooded Homes $$$$$$$$ Don’t fix it, sell it. Quick close,” read the signs piled in the back seat of his Ford pickup.

Schild stops by a ranch-style house where 74-year-old Paul Matlock lives with his wife, disabled from multiple sclerosis. Matlock is desperate to leave and is considering Schild’s offer of $120,000—half the home’s value three weeks earlier. A half-dozen other investors have made offers, one as low as $55,000. “The whole thing makes me feel like there’s a bunch of vultures sitting on my back fence,” Matlock says. “They’re waiting for the dead body to fall over.”

More at Bloomberg