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, sta...
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
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.blogspo...
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Daniel was always VisionVictory. People complained when he made videos talking about religion, so he made a new channel called Christian Red Pill to devote to issues of faith. THEN he created a channel called VictoryIndependence that deals other things that don't fit the VisionVictory economic channel (like preparedness, gardening, etc)
You squeaked on the operator of the machine...he will now lose his job. You did him in after he gave you information. You could have said "I have learned other homes are to be destroyed" and kept it confidential. Ever hear of Karma?
The bank that did this was shut down this year by the FDIC (this video is from back in April 2009). That bank is gone. That backhoe operator doesn't normally tear down houses for a living.
good thing they destroyed them .... they should have not been built anyways ..... empty homes like that attract crime .... my city tears down homes everyday ...... for the simple fact that it attracts crime ..... but what a waste of materials .....
actually this video seems a little bias towards the condition of these homes. its not hard to see the home behind the home being demolished is at best about 30 percent complete. there are many homes across america in that condition. simple fact is there are more unfinished homes than will never be needed. a complete over building in other words. taking these houses out of the market may help existing home values retain or rise. the disaster was building these homes in the first place. good day.
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Build all these houses and than tear them down? What a shame.
People complained when he made videos talking about religion, so he made a new channel called Christian Red Pill to devote to issues of faith.
THEN he created a channel called VictoryIndependence that deals other things that don't fit the VisionVictory economic channel (like preparedness, gardening, etc)