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Virginia investment company profits off blight

Meghan Hoyer and Matthew Jones of The Virginian-Pilot investigated the purchase of over 250 houses and lots in depressed areas of cities such as Portsmouth, Norfolk and Newport News by a Virginia Beach-based company and its investors. Five years later, half the properties still sit in disarray with thousands owed in back taxes. "Since forming in late 2001, CM Development has financed its operations largely by selling its properties repeatedly among a growing circle of investors at ever-higher prices. The investors, drawn by the promise of big returns, have taken out larger and larger loans on the houses." They take a look at the investors and the loopholes that allow them to keep cashing in on these blighted properties.

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