Saturday, June 13, 2009

The Debts of the Spenders: Banks Pay To Raze Homes in California

Victorville is almost 3 hours from L.A. and is situated in what is called the "Inland Empire." W/such a long commute, the prospects for long term increases in housing values look increasingly grim. Which is why lenders decided it is cheaper to raze new houses than maintain them (remember this is California - epicenter of the house flipping craze and deficit timebomb).

Watch the video.

There is also an associated post on nakedcapitalism:
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