VICTORVILLE MODEL HOMES DEMOLISHED - SHOCKING VIDEO: Part 5

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Victorville model homes being demolished.
BREAKING NEWS Developing: Another bank will begin the tear down of 20 Temecula homes in Southern California.

NEW HOMES DEMOLISHED
By Patrick Thatcher, staff writer for, Daily Press

Victorville- The housing collapse is taking a literal form for one bankrupt housing development.
Four model homes and 12 nearly finished spec homes at Bear Valley Road and Highway 395 are being demolished.
The developer filed bankruptcy about 18 months ago and the foreclosed property went to Guaranty Bank in Irvine.
A Guaranty Bank official, Real Estate Officer Dean Smith, said they were facing daily fines from the city of Victorville if they didnt do something with the homes and property that not up to code. He said it was a choice of pumping their own money into property site improvements and additional money to bring the home up to code or tear down the 16 homes.
Smith said the bank is not in the building or land development business and because of the current housing market does not see anything happening with the property for at least five years.
Our only option is to either proceed with putting more than a million bucks into the land, which weve already taken a huge hit on and lost a lot of money, or, we tear down the houses, Smith said.
He said the builder put up the homes before completing the site improvements and failed to have enough money to finish roads, walls, and other improvements that bring the community into code.
Everything just fell apart at that point and we cant sell homes that are not up to code, Smith said.
He said the city of Victorville fined the bank once because the home are out of code and would have faced daily fines if Guaranty didnt do something with the vacant houses.
There are still substantial dollars that need to be put into the land before the city of Victorville will give certificates of occupancy on the houses and the bank isnt willing to put forward that amount of money, Smith said.
He said the homes are a liability to Guaranty and that all of them are heavily vandalized inside and out with broken glass everywhere.
Our projections are that those houses would sit the way they are for at least five years, what would they be worth then? Smith said.
He said once the homes are demolished the property will be put on the market again. Calls to the developer were not returned.
Patrick Thatcher may be reached at 760-951-6227 or at pthatcher@VVDailyPress.com

Video 1
http://www.youtube.com/watch?v=qvrc7x3Amps

Video 2
http://www.youtube.com/watch?v=COy1YyVUPQ8

Bank Bailout Funds Hard At Work Part 3
Video 3
http://www.youtube.com/watch?v=B0vDkwT2VlY

video 4
http://www.youtube.com/watch?v=JGwTywKE9Ys

I want to give a SPECIAL thanks to Mike "Mish" Shedlock for helping me get this very disturbing housing story out to the public.
http://globaleconomicanalysis.blogspot.com

Category:

News & Politics

Tags:

• Victorville
• model
• homes
• demolished
• Housing
• slump
• temecula
• housing
• tract
• collapse
• property
• site
• visionvictory
• city
• fines
• penny
• stocks

[erikinhawaii]

Boycott banks, keep you money in a safe. Banks are NOT your friendly neighborhood helper.

[sideslide23]

Why were they destroying these brand new homes, they should sell it for cheap instead of eating it with these machine.

[vivitar45]

waste full

[norcalemt02]

First world Problem!

[smith8051]

You made some good points there. I did a search on the topic and found most people will agree with your video.

[capecoralrealestate1]

tearing down perfectly good homes???

[DaKewlJamal]

@IITECHxNiNEII do you know what communism is

[IITECHxNiNEII]

@polidic Will be slaves? Look around... they tell us school is free but we have to pay or go to jail, they tell us that we own land when we basically have to rent it or lose it kuz we didnt pay taxes, you have to go to Cort on the date no mater what happens or you go to jail, or even jury duty or you got to jail. They tax just about every thing including smokes. This is becoming communism.

[AbuAvital]

Now Americans know what it's like when they presure Israel do destroy homes.

[sevenlemon]

I lived at GAFB as a teen in the 70's,and years later I revisted that area. I was amazed at all of the development. Where there was desert, now is wall to wall housing. Very sad.

[anko8aug]

what a waste!

[cshargeit]

i used to tell people.."the fire department knows where your home is" .. i dont know that anymore.. i recommend the chicks stop having babies.. this is not a rehearsal