There were 19 million empty homes in America at years end in 2008 according to the US Census Bureau. Over 30% of mortgages are upside down meaning the owners owe more than the homes are worth. Here is a video of bank destroying new homes.
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And?
The Bank owns these homes right?
I’m missing the point.
I say again. (Hi to whoever moderated my first post)
1. The banks own these homes.
2. The banks are getting fined daily by the Governemnt for having these homes.
3. The bank decides to destroy these homes.
Where is the issue?
This bank destroyed these homes because of their inability or lack of motivation (mark to market accounting perhaps that would reflect the banks solvency, etc.) to sell them for what they are really worth and avoiding fines for code violations by local city and county governments. Watch for more code enforcement on these abandoned or slow selling homes. City code enforcement offers steady streams of income to cash strapped cities. In my city there is a $500 fine for putting trash in front of your house 48 hours before bulk trash pickup. I saw that raise around $7,000 monthly per code enforcement officer. They are thinking about hiring more.
The point is that this is a sign of more to come when we are told that the economy is improving. The issue is that the builders file bankruptcy and disappear. Banks get bailed out and don’t suffer from their bad business decisions to lend failed builders construction mortgages.
Look at it this way too. We will see more of this and that’s your equity plus interest that will be leveled and put in dumpsters and carried off to the landfill.