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.
Continue reading… “Banks demolish forclosed homes to ease housing market pressures”
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.
Continue reading… “Banks turn to bulldozing foreclosed homes”
By delving into the futuring techniques of Futurist Thomas Frey, you’ll embark on an enlightening journey.
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