Posted on 05/07/2009 8:53:17 AM PDT by bgill
An Austin bank is tearing down new homes in California and outraging some neighbors there.
Guaranty Bank says knocking the homes down is cheaper than finishing them, making some wonder if it could happen here.
In all, 16 homes are being demolished. The bank says it was forced to foreclose when the builder defaulted on the loan.
(Excerpt) Read more at keyetv.com ...
More details at - http://www.youtube.com/user/visionvictory
Bank’s houses. They can do what they want with them.
part of the Greenies’ global dream....return suburban acreage to it’s pristine pre-human condition, and herd all of the sheeple into urban “sustainable communities”
sold to whom? there appears to have been no buyers for these
faux chateaux...
Regardless of who owns them, this is insane...
“part of the Greenies’ global dream....return suburban acreage to it’s pristine pre-human condition, and herd all of the sheeple into urban ‘sustainable communities’”
This is the result of bad business decisions and stupid policy. This has absolutely nothing to do with “green” communities. What you see happening is precisely what SHOULD happen. They overbuilt. They had good reason at the time. Everything was moving up. Now it’s not, so taking down worthless homes that will become fire hazards or havens for squatters and rats is an excellent idea. Nothing to do with “Greenies”.
Oh sure....The banksters that own these homes are so very concerned with the safety of the neighborhood. lol...
A check of the local property tax rates for improved vs. unimproved land will tell the true tale. It’s cheaper to knock them down now and carry the land until it pays to rebuild.
“Oh sure....The banksters that own these homes are so very concerned with the safety of the neighborhood. lol...”
The bankers are concerned with getting the results of their stupid decisions off the books. The community (city/county/state) has to deal with “the safety of the neighborhood”. It’s a win-win.
I live in an area (in CA) that built out beyond it’s borders anticipating ever increasing revenues. The building (hundreds of homes) just stopped. We are not dealing with this yet, but there is already a glut of older homes, closer into town, so we will have to deal with it soon.
Are you suggesting that we simply act as if they don’t exist?
By the way, lets set the record straight here. These home were not worthless.
Tens of millions of people would have paid to live in those homes, but not paid what the banksters wanted.
I am trying to imagine the poor working slobs that have lost everything, pensions, home, investments, everything, and then watching these banksters just destroy perfectly good, brand new homes.
The problem was, the banksters are used to big profits. Instead of just selling them for what they could get, they just destroyed brand new homes.
This is utter madness.
You suggested or implied the banksters did this to make the neighborhood safer.
That had absolutely nothing to do with their decision. zip, nada.
I don’t get it...why not sell them as is with a huge discount?
I’ll tell ya why. Because these stinking banksters are beyond greedy. These people are down right evil.
“Tens of millions...”
OK now you’re just gettin’ hot. If you think I have an affinity for “banksters” think again. I am much closer to the founders on this issue than most “conservatives”. They saw the potential for corruption in MEN not institutions. Limbaugh type conservatives believe all business is sacrosanct. Liberals believe the same about the government (as long as they control it).
Banks, like any business, are subject to corruption. They screwed a lot of people and we’re left trying to figure out how to deal with their stupidity.
The video attached to this thread shows, the narrator says, a model home. (It actually looks like it could be just down the road a piece.) There are no other homes around it. It was partially finished. In our community, there are several areas like you see in that video. They are not going to be finished. The builder has abandoned them, the bank wants them off the books. Tear them down.
The banks don’t set home prices. They simply finance them. The “banksters” are dumping properties at under market value to a whole new group of speculators. More along the lines of the 80’s and 90’s. Buy an undervalued property, fix it up, rent or resell it. Flipping a home in weeks is not gonna happen again any time soon.
THESE homes, in the video, are overbuilds. They are incomplete. They were not going to be bought by a “poor working slob”. The guy you’re referring to IS going to be able to buy a home at a “reasonable” price simply because there is such a glut. Prices are still going down in many areas. Back to the price that they would have at before the wild speculation of the last 5 years or so.
If banks go under, so be it. Some other lender will take up the slack. Credit unions for one.
What made ya think that? lol....
You said the homes were worthless. You're wrong.
I think the banksters are greedy and evil bastards. If you have a different opinion, that's fine.
That had absolutely zip, nada to do with this insanity.
And you know it.
“That had absolutely nothing to do with their decision. zip, nada.”
I was referring to a comment by Buckeye McFrog who seemed to be suggesting that tearing down this home was part of an environmentalist conspiracy. I didn’t mean to imply that bankers were interested in other human beings, just that some of these homes (in my area at least) are going to have to come down. We have plenty of other, fully completed, older homes (some only a few years old) in our city that you or any Freeper is welcome to take a look at. We are a very conservative community a couple of hours from the liberal coast and would love to have you. (It’s still CA, however.)
At least they won’t have to deal with the Acorn squatters.
That's a relief...For a minute there we were all rolling on the floor laughing at the idea.
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