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Banks destroy new homes rather than finish them

Bob Morris, on May 1, 2009, 7:30 am

These new, almost finished homes were getting steep fines from the municipalities. The builder had filed for bankruptcy and the homes were in foreclosure so the banks choose to destroy them instead.

Tags: | Category: recession | 2 comments - (Comments are closed)

  • Terri

    What a waste! Couldn’t they have donated these homes to Habitat For Humanity? The banks could have written them off as charity and people who need homes would have them. It is stupid that Habitat goes out and builds from scratch, while banks are tearing down homes they could finish!

  • http://asymptoticlife.com/ DJ

    If there’s a glut in the market, sadly, destroying the homes will increase the value of remaining homes.

    It reminds me of that scene in The Grapes of Wrath where the growers douse bruised fruit in kerosene rather than let people eat it, so they’ll have to buy good fruit.