Bring the Bulldozer

[nissangirl74]

http://news.yahoo.com/bulldoze-way-fore ... 00063.html

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 America 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. BofA says the recent donations in Cleveland are part of a larger plan to rid itself of its least saleable properties, many of which, according to a company spokesperson, are worth less than $10,000. BofA has already donated 100 homes in Detroit and 150 in Chicago, and may add as many as nine more cities by the end of the year.

Does anyone think this is a good idea? Especially if the homes are in a bad area or are in such a state of disrepair that it would cost more to fix than it would to demolish them. If the city could do something good with the land (build a family park, playground, basketball court, a food bank, something else productive) would that not be better than letting these houses further drive down other home owner's property values?

Pros / cons / your thoughts?

[Jesda]

Its a direct solution to oversupply.

[hannibal]

^

I think it's a valid solution. Now we just have to see what the city does with it. I doubt they can afford to drop a park on most sites, so the lot will sit vacate for awhile. BofA gets a tax break (i'm sure) so theyre happy.

The cheapest use of the lot would be a community garden, an idea which seems to be picking up steam in urban areas...

[Dattebayo]

Community garden sounds like a kick-a** idea... Then the locals can actually get some nutritious food on the cheap.

[PapaSmurf2k3]

Isn't this basically what the mob did?
Don't pay your loan, we burn down your house.

But yeah, the government bailed them out, the least they can do is donate some of the land back to them. I bet they get to write off some serious taxes this year.

[hannibal]

Hmm, another use of the property... Give it back to the family they repo'ed it from!!!

[Jesda]

Community garden sounds like a kick-a** idea... Then the locals can actually get some nutritious food on the cheap.

In Detroit, boxes of vegetables require armed security to protect them.

[AZhitman]

...which creates jobs!

Wait, I'm starting to sound like... never mind,