Tell me how does this help anybody but the banks, because it sure doesn;t help our free market economy? And why would anybody do this, oops forgot the Kenyan’s stupidity.
From a somehow encouraged Time Magazine:
Banks have a new remedy to America’s ailing housing market: Bulldozers.
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 near constant stream of home sales from banks could keep housing prices down for years to come. But what if some of those homes never hit the market.
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 American 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.
So instead of ‘shovel ready’ jobs, what Mr. Obama has given us is ‘shovel ready’ houses. Remember, this is the United States of America we are talking about here.