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We cannot become what we need to be by remaining what we are

Max De Pree


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Bulldoze: The New Way to Foreclose PDF Print E-mail
Articles | Business
Written by Morphus on Monday, 01 August 2011 16:49   

 

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 repossess many more. Many housing economists worry that a near constant stream of home sales by banks could keep housing prices down for years to come. But what if some of those homes never hit the market?

 

Increasingly, it appears that banks are turning to demolition teams instead of realtors to rid themselves of their least-valuable repossessed homes. Last month, Bank of America announced plans to demolish 100 foreclosed homes in the Cleveland area. The land will then be donated to local government authorities. BofA says the donations in Cleveland are part of a larger plan to rid itself of its least-salable properties, many of which, according to a company spokesperson, are worth less than $10,000. BofA has already donated 100 homes in Detroit and 150 in Chicago, and may add as many as nine more cities by the end of the year.

 

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