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Solution to the mortgage crisis: destroy houses

submitted by wagthedog1
1 decade 5 years 1 week ago

Money

Foreclosure often leaves banks holding several houses that are typically liquidated at auction. However some houses are not up to the standard required for resale, due to heavy vandalization or if the developer files for bankruptcy before completion. Banks find it is better to pay a contractor to tear down the house rather than invest more to bring the house to market. The video show amateur journalist footage of one such house being torn down by the bank that considers it a liability.