The Bank of America and Other hard pressed American Banks are demolishing hundreds of foreclosed home in an effort to revive local housing markets
Bank of America announced In July that they plan on bulldozing 100 homes in the Cleveland, Ohio area alone. What’s left of the land will then be donated to the local government. The Bank has already given around 100 homes in Detroit and 150 in Chicago back to local authorities.
Currently America is home to nearly 1.7 million homes in foreclosure; that’s around one out of every 77 in the month of June and 3.5 million saw foreclosure between 2008 and 2010. Bank of America itself saw 40,000 in just the first quarter of 2011. Wells Fargo, JPMorgan, Citigroup and Fannie Mae are all following in their footsteps with plans to knock down houses.
Last year, Detroit Mayor Dave Bing proposed a massive downscale for the Motor City. Mr. Bing suggested the bulldozing of around one-quarter of the entire city’s houses and empty buildings over three years times to make way for new structures.