20 new homes to be bulldozed in Temecula (signaling a bottom:)

[5yearwaiter]

[quote=jpinpb]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. [/quote]

Why not they sell these homes at as is condition to the lower most prices – when folks ready to buy at give away prices? What they get back when they demolish those? Are they getting any cash value back into their books?

[Doofrat]

I gotta say that I would have done the same thing. When I first heard about this, I couldn’t believe it, but after seeing it and reading about it, things make more sense. It’s one of those don’t hate the player, hate the game things.
The bank has:
1. Some vandalized houses that probably are to the point of just having the framing, plumbing, electrical, some of the roofing, and slab left.
2. A huge financial liability in that they would have to finish all those roads, landscaping, lighting, probably one of those small dog parks, etc.
3. No buyers in Victorville to buy the houses after throwing in huge amounts of money and time into this 90% complete 90% more to go development. There’s no market for these and this bank knows it.
4. Victorville fining them for code violations

[Doofrat]

I gotta say that I would have done the same thing. When I first heard about this, I couldn’t believe it, but after seeing it and reading about it, things make more sense. It’s one of those don’t hate the player, hate the game things.
The bank has:
1. Some vandalized houses that probably are to the point of just having the framing, plumbing, electrical, some of the roofing, and slab left.
2. A huge financial liability in that they would have to finish all those roads, landscaping, lighting, probably one of those small dog parks, etc.
3. No buyers in Victorville to buy the houses after throwing in huge amounts of money and time into this 90% complete 90% more to go development. There’s no market for these and this bank knows it.
4. Victorville fining them for code violations

[Doofrat]

I gotta say that I would have done the same thing. When I first heard about this, I couldn’t believe it, but after seeing it and reading about it, things make more sense. It’s one of those don’t hate the player, hate the game things.
The bank has:
1. Some vandalized houses that probably are to the point of just having the framing, plumbing, electrical, some of the roofing, and slab left.
2. A huge financial liability in that they would have to finish all those roads, landscaping, lighting, probably one of those small dog parks, etc.
3. No buyers in Victorville to buy the houses after throwing in huge amounts of money and time into this 90% complete 90% more to go development. There’s no market for these and this bank knows it.
4. Victorville fining them for code violations

[Doofrat]

I gotta say that I would have done the same thing. When I first heard about this, I couldn’t believe it, but after seeing it and reading about it, things make more sense. It’s one of those don’t hate the player, hate the game things.
The bank has:
1. Some vandalized houses that probably are to the point of just having the framing, plumbing, electrical, some of the roofing, and slab left.
2. A huge financial liability in that they would have to finish all those roads, landscaping, lighting, probably one of those small dog parks, etc.
3. No buyers in Victorville to buy the houses after throwing in huge amounts of money and time into this 90% complete 90% more to go development. There’s no market for these and this bank knows it.
4. Victorville fining them for code violations

[Doofrat]

I gotta say that I would have done the same thing. When I first heard about this, I couldn’t believe it, but after seeing it and reading about it, things make more sense. It’s one of those don’t hate the player, hate the game things.
The bank has:
1. Some vandalized houses that probably are to the point of just having the framing, plumbing, electrical, some of the roofing, and slab left.
2. A huge financial liability in that they would have to finish all those roads, landscaping, lighting, probably one of those small dog parks, etc.
3. No buyers in Victorville to buy the houses after throwing in huge amounts of money and time into this 90% complete 90% more to go development. There’s no market for these and this bank knows it.
4. Victorville fining them for code violations

[jpinpb]

I agree. Just makes no sense to me. I’ll gladly pay whatever fees, etc. It just amazes me.

[jpinpb]

I agree. Just makes no sense to me. I’ll gladly pay whatever fees, etc. It just amazes me.

[jpinpb]

I agree. Just makes no sense to me. I’ll gladly pay whatever fees, etc. It just amazes me.

[jpinpb]

I agree. Just makes no sense to me. I’ll gladly pay whatever fees, etc. It just amazes me.

[jpinpb]

I agree. Just makes no sense to me. I’ll gladly pay whatever fees, etc. It just amazes me.

[Rt.66]

Its important to note that they are not bulldozing the entire neighborhoods, just some model homes and unfinished homes. So they are still on the hook for the infrastructure because of the completed and sold houses.

The Gov. is handing out billions to recondition REOs, surely if the houses had much value at all they would negotiate with the city to save this waste.

[Rt.66]

Its important to note that they are not bulldozing the entire neighborhoods, just some model homes and unfinished homes. So they are still on the hook for the infrastructure because of the completed and sold houses.

The Gov. is handing out billions to recondition REOs, surely if the houses had much value at all they would negotiate with the city to save this waste.

[Rt.66]

Its important to note that they are not bulldozing the entire neighborhoods, just some model homes and unfinished homes. So they are still on the hook for the infrastructure because of the completed and sold houses.

The Gov. is handing out billions to recondition REOs, surely if the houses had much value at all they would negotiate with the city to save this waste.

[Rt.66]

Its important to note that they are not bulldozing the entire neighborhoods, just some model homes and unfinished homes. So they are still on the hook for the infrastructure because of the completed and sold houses.

The Gov. is handing out billions to recondition REOs, surely if the houses had much value at all they would negotiate with the city to save this waste.

[Author]

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