FLIP THIS HOUSE: Victorville, CA - Brand-New Model Homes Being Demolished by Bank
Guaranty Bank of Irvine, Calif., financed the construction of these 4 newly-finished model homes plus 12 more almost-completed homes in the same area.
Unable to sell the vacant and/or unfinished homes, and being fined by the city of Victorville, Guaranty Bank hired a wrecking crew to flatten and destroy millions and millions of dollars worth of brand-new homes, instead of paying the fines. (Looks like Victorville has cut off their nose, to spite their face.)
This isn’t a unique situation, either. The heavy equipment operator stated that once they’re finished there, he’s heading to Temecula to destroy another 20 new homes in similar circumstances.
—Banks are in the profit business, so I wonder if the bank receives any insurance kick-back, or was it just a total write-off? Is this a hidden benefit of the Bail-out, whereby the bank’s losses are covered?
—Will this help unemployment? What about the homeless, living in tents?
—Why aren’t the environmentalists screaming about the dead trees wasted?