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Bulldozing Homes

To avoid paying city fees for unfinished homes, the bank decides to demolish them. Is this a sign the housing bottom is here? Is this good or bad news?

So this is what it has come to.

A bank in Texas is bulldozing four brand new homes and twelve nearly finished homes in Victorville city, California, about 85 miles northeast of Los Angeles. Guaranty Bank of Austin acquired the homes in foreclosure and is destroying them, reportedly, to provide a "safe environment" for the neighbors. Read more...

 

People having been making outlandish statements in the past, like we should burn down these unsold homes that are just asking for squatters to come live in them and then crime to develop. But now we're seeing some actual action by a bank to get rid of homes they can't sell. Knocking them down.

There's been talk of forcing banks to hire security for foreclosed homes on their books, and to demand better upkeep. Well, the cost benefit analysis just might have shown it's a lot easier to destroy the homes than take care of and secure these homes than try to sell them. It's sad to see really though, seems like there must be a better way. There are so many people who would love to own a home.

However, as the case with many over built areas, like the Inland Empire in California, these homes are built in areas where there's no jobs, public transportation, no parks or recreational areas, and so on. All things that cost money. New home development I think will talk all of this into account, rather than rushing to get homes built and not considering how they fit into the community and effect the environment.

They couldn't have auctioned these homes off?

There are plenty of construction firms and individuals who would have paid for these unfinished homes. More to come on this issue I'm sure.

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