vandalism of foreclosures: Should Foreclosed Homes Be Doomed to Demolition?
- 05/04/09 08:22 AM
Recent stories of foreclosed homes being demolished has brought attention to the growing numbers of bank owned homes falling into disrepair. With the foreclosure numbers continuing to climb, banks are facing the stark reality that what was once an asset has become nothing more than a major liability, costing both money and resources; and many are beginning to consider demolition as a practical alternative. Banks, not generally acclaimed for their prowess in handling foreclosed property, and now the owners of hundreds of thousands of such properties, have begun to react to the strain of ownership.
How could such a drastic … (13 comments)
vandalism of foreclosures: New Homes In California Being Torn Down
- 05/01/09 09:23 AM
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 … (104 comments)
Recent stories of foreclosed homes being demolished has brought attention to the growing numbers of bank owned homes falling into disrepair. With the foreclosure numbers continuing to climb, banks are facing the stark reality that what was once an asset has become nothing more than a major liability, costing both money and resources; and many are beginning to consider demolition as a practical alternative. Banks, not generally acclaimed for their prowess in handling foreclosed property, and now the owners of hundreds of thousands of such properties, have begun to react to the strain of ownership.
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