CNBC’s Diana Olick is in Chicago reporting on a Bank of America program to demolish homes and turn them over to the city. According to Olick:
Chicago has the highest inventory of bank-owned (REO) homes of any large city in America.
It also has the most homes in the foreclosure process.
…
In Chicago, with an already over-bloated stock of bank-owned properties, we are likely to see more demolition. The banks make a calculation on each home and each neighborhood. These are calculations, of course, that should have been made long before handing out all those bad loans.
Great job Pat dowell! This is the result of the occupy chicago/ new city rules. Now the communities on the south side will have more blight. Its cheaper for the banks to demolish the buildings then to comply with regulations as its hard to rehab and sell these buildings.
I can see the community activivists/ poverty pimps and the like now marching and making more noise around the banks/ downtown about the disparities and inequities in more vacant lots in their communities contributing to the crime and deceased property values as though it can go any lower.
These homes should have never been built in the first place.
Demolition is completely appropriate because most of these buildings are of sub-standard construction.
Well built homes create strong communities, which doesn’t bode well for much of outer suburbia.
Was there a coherent thought in there?
Yeah, there was; and an accurate, if sardonic take on the all-too-frequent sequence of ill-considered policies.
Remember when the Woodstock Institute was browbeating banks to make subprime loans in these communities? After wiping most of that history from its website the Woodstock Institute is now blaming the banks for making those loans!
I’m concerned it’s not just unoccupied new construction that is going to be demolished, though I think you are correct about quality.