Video: Bank Tearing Down Brand New, Million Dollar Model Homes In California...

If true, that would imply that the bank couldn't literally give these homes away, as that would result in at least some revenue, rather than a cost to demolish the homes, plus the forever lost revenue from any sale.

He talks about many homes in many subdivisions in Southern California being simply torn down - brand new homes.


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Million dollar homes? In Victorville? A mil in the desert gets you several acres. More like quarter million dollar homes. Sample listing:

http://www.californiamoves.com/Prop...5FF7484-D343-47F7-BCD1-C29454728ED2&RowNum=33

 

Regardless of the cost (there are purportedly homes [new] being torn down all over the hella' place - I'm checking this out now; this appears to be happening in Nevada, Arizona and Utah, especially), can you name a good reason brand new homes would be torn down like this?

There have been absolutely zero claims by anyone, including demo company workers, that there are any structural defects, mold, Chinese drywall - they'd replace the drywall, not tear down the house - other issues, etc., that would require complete destruction and remediation.

 

Now that's effective deflation fighting

 

Regardless of the cost? No.

But in grown up adult world when you have unfinished property sitting vacant, city/county government hits you with fines. So, if you care about silly things like making money and costs, you cut your losses. This is an example of that.

I'm not sure I see the big deal here. I'll be all ears though when this is happening in Laguna or Malibu.

 

that home doesnt look like its even shingled. that means it isnt drywalled yet. its just a framed shell at this point.

 

Insurance co's are canceling and/or refusing to insure. Banks have to remove the risk.

 

I would imagine in "Victorville" that others are thinking about burning down their own houses just because they had the realization that they bought an overpriced house in a shithole town.