Guaranty Bank of Austin, Texas, foreclosed on 16 complete or nearly complete brand new houses in Victorville, California, northeast of Los Angeles. After evaluating the cost of completing construction so the houses could be sold, and looking at the fact that many of the new appliances had been stolen from the site and some of the houses had been occupied as drug dens or vandalized by illegal squatters, the bank decided that the only economical thing to do for the peace and safety of homeowners in the development was to tear down the unsold houses.
The $100,000 spent demolishing the houses was apparently far less that the million dollars the bank would have needed to invest to complete and sell the homes, so now they are gone. Ouch!
The $100,000 spent demolishing the houses was apparently far less that the million dollars the bank would have needed to invest to complete and sell the homes, so now they are gone. Ouch!
