Monday, April 25, 2011
Defendants Find It Tougher to Make Bail as Bond Agents Shun Homes as Collateral
In addition to putting homeowners in debt, damaging credit ratings and devastating property values across the nation, the housing bust has also made it harder to post bail, the Wall Street Journal reported today. For decades, family homes were the ultimate "get out of jail" cards for the accused, providing collateral for people required to pay bail to remain free prior to or during their trial. However, in the past few years, home prices have tumbled by more than 30 percent nationwide, and plunged by more than half in the hardest-hit markets, which include parts of Florida, Nevada, and Arizona.