Demolishing the American Dream

hellofromx1
Bank Demolishing New Homes Instead of Selling Them

The housing crash has hit Southern California so hard that one bank found it preferable to take the wrecking ball to 16 homes there rather than to attempt to sell them, The Wall Street Journal reports. The bank obtained the homes through foreclosure.

Guaranty Bank of Austin is wrecking the structures to provide a “safe environment” for neighbors of the abandoned housing tract in Victorville, a high-desert city about 85 miles northeast of Los Angeles, a bank spokesman said.

Victorville city officials said the bank told them the cost of finishing the development would exceed what they could sell the homes for.

The bank also faced escalating city fines as vandals and squatters took over the sprawling housing project, leaving behind graffiti and drug paraphernalia, city officials said.

Demolishing the American Dream
Rather than wait out a brutal housing market, a bank In Victorville, California has decided that bulldozing brand new homes makes the most financial sense.

Vodpod videos no longer available.

more about “can’t see video – click“, posted with vv

Why not give these home to people who will move or work in the community for the price of what is left to make these homes livable?

What an utter and complete waste!

This is greed at its worst.

Advertisements

4 Comments

Filed under business, congress, fyi, just wrong, media, News, science and technology, video

4 responses to “Demolishing the American Dream

  1. Pingback: Demolishing the American Dream Video

  2. test

    interesting

  3. Pingback: 13 June 2009 Brief « “No doubt about it- that nut’s a genius”

  4. R-Anell Homes

    Thank you for this blog, I will be sure to reference it when needed throughout our website once we add our resources section. Keep up the great blogging and thanks again.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s