|
| I'm seeing stories about REO's being leveled -- entire new, never-sold home developments in California and Ohio.
When is it best to level an unsold development? Stories cite squatters, municipal fines. Hard to understand that it wouldn't be better for the banks (and the municipalities) to reduce prices to get sales (and tax-paying homeowners). |
Follow-Up Postings:
|
- Posted by western_pa_luann (My Page) on Mon, May 4, 09 at 14:48
| I haven't heard of that! |
|
| I've not heard of this either! Can you give any more info? What comes to my mind is from waaaaay back during the REIT bust during the 70s. I had a subdivision in my portfolio in Rancho Mirage...can't remember how many homes...maybe, 200, or there abouts. Anyway, by the time we got the foreclosure over with the shells had about 3' of sand built up inside each start. I would have LOVED to bulldoze that subdivision. Instead, I GC'd completion & we sold every last one. So, I understand how such a decision 'might' be made...but I've not heard a word that it was happening. /tricia |
|
Please Note: Only registered members are able to post messages to this forum. If you are a member, please log in. If you aren't yet a member, join now!
Return to the Household Finances Forum
Instructions
- You must be a registered member and logged in to post messages on our forums.
- Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review the contents and make changes.
- After posting your message, you may need to refresh the forum page in order to see it.
- It is illegal to post copyrighted material without the owner's consent.
- HTML codes are allowed in the message field only.
- No advertising is allowed in any of the forums.
- If you would like to practice posting or uploading photos, please visit our Test forum.
- If you need assistance, please Contact Us and we will be happy to help.