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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Economists Predict Unemployment Will Remain Historically High Over the Next Decade

Unemployment

The “new normal” unemployment will be worse than the “old normal”.

The American Economics Association held its annual meeting in Denver last weekend. Most attendees appeared to be in a very forgiving mood. While the economists in Denver recognised the severity of the economic slump hitting the United States and much of the world, there were few who seemed to view this as a serious failure of the economics profession.

 

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