“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/
This is odd. So many contractors are out of work right now that they are bidding jobs at 1/2 the rates of 2006. Construction materials have come way down. There are many RE investors who would jump on a chance to buy an incomplete home at a deal. The bank is not even going to try and sell them, just bull doze them. Temecula has too many houses, America has too many houses. We could sure use the jobs finishing these homes would provide though.
Banks are looking at their huge shadow inventory of homes and the huge wave of REOs they are working on right now and concluding that the value of these unfinished homes is too low to bother selling. Or the addition of 20 more finished homes in Temecula will just reduce the value of the thousands and thousands of REOs already on their books which they are going to have to sell eventually.
Hmmmm. That’s one way to force a bottom. Destroy all the homes. Leave only a few. Then the price will go up b/c there is no supply. Then start to build again at high prices. 😉
I just can’t believe they’re now resorting to tearing down homes, but this is what it’s come to.
Hmmmm. That’s one way to force a bottom. Destroy all the homes. Leave only a few. Then the price will go up b/c there is no supply. Then start to build again at high prices. 😉
I just can’t believe they’re now resorting to tearing down homes, but this is what it’s come to.
Hmmmm. That’s one way to force a bottom. Destroy all the homes. Leave only a few. Then the price will go up b/c there is no supply. Then start to build again at high prices. 😉
I just can’t believe they’re now resorting to tearing down homes, but this is what it’s come to.
Hmmmm. That’s one way to force a bottom. Destroy all the homes. Leave only a few. Then the price will go up b/c there is no supply. Then start to build again at high prices. 😉
I just can’t believe they’re now resorting to tearing down homes, but this is what it’s come to.
Hmmmm. That’s one way to force a bottom. Destroy all the homes. Leave only a few. Then the price will go up b/c there is no supply. Then start to build again at high prices. 😉
I just can’t believe they’re now resorting to tearing down homes, but this is what it’s come to.
yes, but it’s ONLY a few million excess units – surely there are enough rich foreigners to buy them all and keep real estate values high (aren’t there? I hope, I hope, I hope ….)
yes, but it’s ONLY a few million excess units – surely there are enough rich foreigners to buy them all and keep real estate values high (aren’t there? I hope, I hope, I hope ….)
yes, but it’s ONLY a few million excess units – surely there are enough rich foreigners to buy them all and keep real estate values high (aren’t there? I hope, I hope, I hope ….)
yes, but it’s ONLY a few million excess units – surely there are enough rich foreigners to buy them all and keep real estate values high (aren’t there? I hope, I hope, I hope ….)
yes, but it’s ONLY a few million excess units – surely there are enough rich foreigners to buy them all and keep real estate values high (aren’t there? I hope, I hope, I hope ….)
maybe people don’t realize that 4S Ranch is actually fireproof and therefore paying over $500K for low-quality tract homes that can be rented for less than the ownership cost makes sense?
maybe people don’t realize that 4S Ranch is actually fireproof and therefore paying over $500K for low-quality tract homes that can be rented for less than the ownership cost makes sense?
maybe people don’t realize that 4S Ranch is actually fireproof and therefore paying over $500K for low-quality tract homes that can be rented for less than the ownership cost makes sense?
maybe people don’t realize that 4S Ranch is actually fireproof and therefore paying over $500K for low-quality tract homes that can be rented for less than the ownership cost makes sense?
