As recently reported in the Los Angeles Times, a bank that took over a failed housing development in Victorville, CA has decided it will be cheaper to demolish the unfinished project, rather than finish it and sell the units. Granted, things are no where near this bad here in Colorado, but I still find this story rather wild. Of the 16 homes in the development, 8 were under construction in some fashion, while 4 were finished model homes. All have been torn down. In Victorville, home values are about 50% off from where they were when this project was started.
Fortunately, the on site crews have been selling off a lot of the materials, and are recycling a lot of the rest, so at least it isn't going into the landfill. But this entire exercise is still a waste of resources from building the homes in the first place, to tearing them down. Not to mention all the money spent on this project for building and ultimately demolition, taking the project back to dirt.
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Didn't I just read that tent cities are on the increase? I always kind of hoped the excess housing inventory might prove good for someone somewhere. Guess not.
I have heard of some areas where people are being allowed to stay in vacant homes so they are at least occupied. I guess that doesn't work everywhere though.
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