Banks turn to bulldozing foreclosed homes

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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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Courts Overwhelmed with a Backlog of Millions of Foreclosure Cases

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Homesowners face a backlog of foreclosure cases in the courts.

Shortly after Orlando Eslava’s bank started to push him through the foreclosure process last year, he got some good news: He was eligible for a government mortgage relief program that would lower his loan payments. But the lender plowed ahead with the foreclosure sale anyway, taking back the condo in Aventura, Fla., even as Eslava made payments under the federal plan.