Banks bulldozing towns across America
If something is giving you a hard time, there is one surefire American way to solve your problems: knock it straight to the ground.
That’s the plan that Bank of America and a number of other financial institutions have been initiating lately. And the victims? Hundreds of foreclosed homes from coast-to-coast.
With more and more homes being foreclosed, real estate specialists are showing worry that never-ending housing transactions could greatly diminish prices. It’s the logic behind the rules of supply and demand and it has bankers running scared. That’s why BofA and others are solving this problem by taking a wrecking ball to the wretched abodes.
“There is way too much supply,” Gus Frangos, president of Cuyahoga County Land Re-utilization Corp. of Cleveland tells Bloomberg. “The best thing we can do to stabilize the market is to get the garbage off.”
Read more at rt.com