August 1st, 2011 at 12:23 pm
Banks turn to bulldozing foreclosed homes
in: Business, Economy, Latest Trend
*** begin quote ***
Increasingly, it appears banks are turning to demolition teams instead of realtors to rid them of their least valuable repossessed homes. Last month, Bank of America announced plans to demolish 100 foreclosed homes in the Cleveland area. The land is then going to be donated back to the local government authorities. BofA says the recent donations in Cleveland are part of a larger plan to rid itself of its least saleable 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.
*** end quote ***
Wow, what an interesting concept!
They get a write off for the donation. And, they don’t have to pay property taxes.
What a waste of capital housing stock.
# # # # #