Banks demolish forclosed homes to ease housing market pressures

demolition

It has become cheaper for banks to demolish forclosed property than to continue to hold onto it.

The sight of excavators tearing down vacant buildings has become common in the foreclosure-ravaged city of Cleveland.  The housing crisis hit this area early and hard. But the story behind the recent wave of demolitions is novel — and cities around the country are taking notice.

 

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Banks turn to bulldozing foreclosed homes

bulldozer_house

Banks are turning to demolition teams instead of realtors to rid them of their least valuable repossessed homes.

Bulldozers are a new remedy for banks in America’s ailing housing market.

There are nearly 1.7 million homes in the U.S. in some state of foreclosure. Banks already own some of these homes and will soon have repossessed many more. Many housing economists worry that near constant stream of home sales from banks could keep housing prices down for years to come. But what if some of those homes never hit the market.

 

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iPad 3G Gets Torn Down

ipad_teardown

So what’s under the hood of this beast?

Desperate to see what’s under the smooth exterior of your new iPad 3G but don’t want to crack it open and void the warranty? Fear not, friend. iFixit has done the dirty work (very cleanly, I might add) and taken the iPod touch jumbo edition to pieces. There aren’t a lot of surprises, but hey, it’s Saturday afternoon and you want to see the guts of an expensive gadget. Get another cup of coffee…

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China’s Short Life Span of Buildings Creates Huge Waste

buidling in china

Workers demolish a 20-story building that was illegally built in Wuhan, Hubei province.

The life span of the average residential building in China, the largest cement consumer in the world, has been blamed for causing tremendous waste. “Every year, new buildings in China total up to 2 billion square meters and use up 40 percent of the world’s cement and steel, but our buildings can only stand 25 to 30 years on average,” Qiu Baoxing, vice-minister of housing and urban-rural development, said at a recent international forum on green and energy-efficient building.

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