The homes were once owned by developer Mathews Homes and picked up by Guaranty Bank in Irvine via foreclosure. Guaranty Bank in Irvine is paying for the destruction of them. 4 model homes and 12 almost finished homes are being demolished. The person running the machine in the video says there are another 20 homes in Temecula California to demolish, about an hour away. http://globaleconomicanalysis.blogspot.com/
I thought Temecula was at bottom? I thought Temecula was hot? Why would the banks rather bulldoze houses than sell them. Is unfinished new homes being bulldozed a sign of a bottom or a complete and utter disaster?
Face it cheerleaders, you’ve been conned. The banks have successfully got you to beleive in a bottom while they hide a gazillion foreclosures on their books and prepare to foreclose on another gazzilion and bulldoze new homes.
Meanwhile banks value unfinished new homes at….ZERO going forward in Temecula.
