Bulldoze ‘Em | Banks turn to demolition of foreclosed properties to ease housing-market pressures

It’s real, it’s happening and it’s coming to a city near you…

Some infuriating quotes from the article…

“It often has become cheaper to knock down decaying homes no one wants.”

“It feels great that we’re able to help nonprofits, help neighborhoods, help families,”

“We can make the financial case to the investor that, ‘It’s in your best interest to donate this,”

“Thanks in part to the steady stream of donations, Cuyahoga land bank officials expect to complete roughly 700 demolitions by the end of the year.”

“deal with “the discarded litter of a consumption society” — the homes nobody wants

“It is the root canal of community development that we’re doing,”

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Banks turn to demolition of foreclosed properties to ease housing-market pressures

Cleveland — The sight of excavators tearing down vacant buildings has become common in this foreclosure-ravaged city, where the housing crisis hit early and hard. But the story behind the recent wave of demolitions is novel — and cities around the country are taking notice.

A handful of the nation’s largest banks have begun giving away scores of properties that are abandoned or otherwise at risk of languishing indefinitely and further dragging down already depressed neighborhoods.

The banks have even been footing the bill for the demolitions — as much as $7,500 a pop. Four years into the housing crisis, the ongoing expense of upkeep and taxes, along with costly code violations and the price of marketing the properties, has saddled banks with a heavy burden. It often has become cheaper to knock down decaying homes no one wants.

Rest from the Washington Post here…

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4closureFraud.org

Comments
11 Responses to “Bulldoze ‘Em | Banks turn to demolition of foreclosed properties to ease housing-market pressures”
  1. woodknot says:

    Personal experience with “abandoned” house next door. I was mowing it for over a year for free. I contacted my County Code Enforcement to complain about the Bank that Foreclosed and has let the property ROT & MOLD for over two years. House is wide open for parties & vandals have stolen all appliances-Air Conditioner-copper wiring stripped & torn from the walls. Code Enforcement told me they would take care of the problem to leave the property-that I was TRESSPASSING ! Neighbors have called the Sheriff several times-they did nothing-that is before the BANK SERVICER called for an Official Report filed for Vandalism INSURANCE CLAIM-Servicer placed sheet of paper NOTICE (blew away & rained on) Outdoors-NOTICE OF ABANDONED PROPERTY. ! . Bank Servicers have a system now-so they can take properties quicker-they use an online Registry-also for Counties & Cities- check out the website http://www.safeguardproperties.com -STAY IN YOUR HOME- KEEP UTILITIES ON-they can take Abandoned property in 30-60-90 days. The bank has stolen the FEMA FLOOD INSURANCE-$85,000. and the PROPERTY INSURANCE Vandals Claim $$$$. House still sits-wide open-after Foreclosure Bank still has not transferred out of Owner name-so the former Owner is being FINED FOR CODE VIOLATIONS EVERY DAY ! KEEP UTILITIES ON !

  2. Charles Cox says:

    I guess controlling the demand wasn’t enough, now they want to control the supply as well.

  3. Readdocs says:

    Oh wow…and what are the cities and towns going to do when it is exposed that
    hundreds or thousands of these destroyed properties were illegally foreclosed
    on leaving the property with a broken or clouded title? When they discover they
    can’t do anything with the property because it still belongs to the foreclosed owner?
    They better have an emergency fund set up to affray the cost of being taken to
    court for destroying a house that belongs to someone else, and not the bank!

  4. This should get them in trouble when they have to give the house back!!!!!

  5. see says:

    Only in America!!!!!

  6. Would;t be a lot cheaper and better to do a principal forgiveness to the current value of the home and let people live in them? people would take care of their homes and It would be good for their family the community and the city not to mention that property taxes will be paid and help the schools

    • notmyhomeyournot says:

      They can’t because the evidence proves they were corrupted and deliberately took homes that did not belong to the banks, now with the home gone nobody wants to fight over the land without a home, so they build another home on the property and re-title it to sell it again while scrutinizing the whole thing again and again. Destruction of evidence is a Federal crime isn’t it ???? Then why do they keep getting away with Federal crime ??? as usual the feds are as deep in this mess as much as the Federal Reserve and the banks along with Wall Street. Where is the justice for the PEOPLE ??

      • Notmyhome….. Have to check with I vent on this….I thought the Federal Gov’t. was under the NWO….now don’t quote me on that…..it’s almost 2AM and my brain is freesing up…..But that may be why they are as deep as the rest of the evils…..so far as I can see…there is no justice for the people….if so…where? That is why there have been no arrests ….the lawyers and the courts as you hear and see are not for the people…..the banks are allowed to pay for the police to beat the protesters….Wall Street caused their own debt of 140 trillion and say that is our debt to pay….think about it….black is white and white is black……………we have been screwed………… and our own government has allowed this to happen………..we have been lied to for many years.

  7. Officer of the Law says:

    OUTRAGEOUS!!!!!

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