I was forwarded this YouTube video by L. Apparently a lender found that the new homes it had received back from a builder that had defaulted were more trouble than they were worth:
I wonder if this will become a trend in those communities that were built far from city centers and have little chance of ever being viable projects?
Sad part is, if this takes off I bet we’ll be using government bailout money to pay the construction workers.
1) Borrow money to pay workers to build homes. Default on loan.
2) Government borrows/creates/steals more money to pay workers to bulldoze homes.
3) Declare #2 to have created jobs and saved the economy.
Economics is, apparently, easy.. I don’t know why they think it takes a few years to get a degree in it. Probably just schools trying to rip off students.
This also happened in Texas during the 1980s.
Yeah, well, almost happened in California during the 90’s.
Ever seen Lethal Weapon 3? Remember the end where they had all of those houses on fire? That was in Palmdale, or Lancaster, I forget which one. The studio found it was cheaper to buy foreclosed partially finished homes and torch them than to set-build homes and burn them down.
We have a real shortage of homes in California. Just ask Gary Watts.
So much that we have to torch them.
Chuck Ponzi
Looks like they were in the middle of nowhere, maybe, maybe not, nice mountain backdrop.
This is an expense to the bank, they can have these things recycled and knocked down in days.
Probably an extra tax write off. Hopefully they will be smart, make sure they are green about it, and work with places like habitat for humanity. This could be a time of giving instead of just continually trying to take.
Looks like a good place for wind turbines….whata ya think ? (and no charge for my excellent advice). Every thing has its place…and every place should have its thing.
That dude needs a new windshield and new brakes. Hear ‘em squeek! He makes a lot of videos on youtube though.