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chisue

Banks Tear Down New Home Developments

15 years ago

I'm seeing stories about REO's being leveled -- entire new, never-sold home developments in California and Ohio.

When is it best to level an unsold development? Stories cite squatters, municipal fines. Hard to understand that it wouldn't be better for the banks (and the municipalities) to reduce prices to get sales (and tax-paying homeowners).

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