So bad it’s good

| Friday, August 5th, 2011 | No Comments »

You know there is something not quite right when banks are bulldozing down homes that have been foreclosed upon rather than selling them. What does this say about the state of these homes and the state of the housing market? I’ll give you a hint…not very good. However, there is a bright side.

When these banks choose to hire a bulldozer instead of a real estate agent, some good does come out of it. For one, the land can be donated to local municipalities to develop or used for open space. It’s good for the bank because they no longer have to pay for the upkeep of these homes or the taxes. In some cases they may even get a write off for the donation. And it’s good for the neighborhood because these homes would most likely be sold at a discount and drive down the values of the surrounding homes.

So if you hear the unmistakable roar of a bulldozer somewhere in your neighborhood, you know what might be going on. However, you pretty much have to live in Cleveland, Detroit or Chicago for this to be the case. For a full link to this article click here.

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