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.