Overload by foreclosures banks and other mortgage lenders are smashing houses in a number of the most severe hit housing markets in the U.S. after they foreclose on them to free up money and obtain a tax write-off on the housing units.
JP Morgan Chase provided 1,900 houses since 2008 to be destroyed in regions of the country where neighborhoods are demolished. Wells Fargo donated another 800 housing units to be destroyed in 2009, whereas Bank of America is destroying 100 houses in the Cleveland region as part of a strategy to redevelop neighborhoods.
Destroying residential houses in destroyed neighborhoods seems to be more usual in order to cope with the rising crisis of dilapidated formations procured back by bankers in the increasing calamity concerning foreclosures. The state of New York became the newest state to support legislation to manage the issue of empty homes in the consequence of the calamity.
Destroying vacant houses is an increasing problem in Western New York, where a growing number of blocks of the region have been left abandoned. The bank project has operated in other cities across the U.S. such as Flint and Michigan, which was threatened when the auto industry experienced its main decline and inhabitants fled for work places to other cities.
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