VLQD - Bulldozing America | 52 comments (52 topical, editorial, 0 hidden)

Re: VLQD - Bulldozing America (none / 0)

When banks want to get rid of houses, they put them up in foreclosure sales. If they're not paying property taxes, then they have essentially given the homes over to the city.

So, what we're talking about here then is banks giving homes over to the city. Unless we're talking about totally worthless homes, any city would be glad to take over a home. Even in distressed areas, you can sell a foreclosed home for $100k.

The reason why banks aren't getting rid of homes in auctions is because they don't want to totally crater the market. A city wouldn't have the same concerns.

by Upstate NY on Thu Jun 18th, 2009 at 05:07:38 PM EST
[ Parent ]

This is a central point ... (none / 0)

... the reason that there are returns to be had from foreclosure auctions is because of the demand versus the supply. In areas where the demand for used homes has been pushed down into the inelastic range, dumping more homes onto the market will reduce the total revenue extracted from home buyers.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Fri Jun 19th, 2009 at 01:30:51 PM EST
[ Parent ]

VLQD - Bulldozing America | 52 comments (52 topical, 0 editorial, 0 hidden)

Top Diaries

UNGA: West Censors the South and East

EU VDL State of the Union -- Managing Decay

Rugby World Cup 2023 Week 1 review

Reactionary Visions and eNtiTiES

Sovereignty 2040

Energy (and Other) Events Monthly - September 2023

Recent Diaries

UNGA: West Censors the South and East

A Tale by Benjamin Franklin

Fail in Democracy Return to Authoritarianism

Yemen From Ceasefire to Peace Talks?

Huge Cost Proxy War of Choice

EU VDL State of the Union -- Managing Decay

Reactionary Visions and eNtiTiES

Top Military War Planning Under Joe Biden - Ukraine

Rugby World Cup 2023 Week 1 review

Joe's Fuck the EU -- Showdown

Modi G20 One Earth, One Family, One Future

Conflict In Syria's Deir Ezzor Province

Sovereignty 2040

Some September Food/Ag Events

September 2023

The Leading International Pariah State

Energy (and Other) Events Monthly - September 2023

BREAKING: The Free State of Gabon

Ukraine Halting China's BRI Project to EU

Europe Reverts 100 Years

Occasional Series