If you want to know just how bad the housing market is in some areas, visit Temecula or Victorville, CA. Local officials, frustrated over the condition of foreclosures in their cities, began imposing stiff fines to banks that allowed their foreclosed homes to fall into disrepair. And some banks, many of which have been shown to be poor property managers, have taken the easy way out. Bulldozers have been called in to demolish more than thirty new homes in various stages of completion.
However, in the city of Indio, local leaders have taken a more proactive stance and are working with banks to avoid such a housing disaster. Indio’s officials and police are monitoring vacant homes and immediately contacting bankers to notify them of conditions needing attention. Vacant homes are required to have a contact number posted to simplify the notification process. With the threat of possible fines, and with regular contact from city officials, Indio has dramatically improved the condition of its vacant properties.
With the current state of the economy and the continuing glut of new homes, let’s hope banks and city officials can find a workable situation to help avoid the needless destruction of more houses.
To see a video on this destruction visit, CalculatedRiskblog.com
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