The wrecking ball was in full swing in the Southern California city of Victorville and 16 new and partially built houses were demolished by Guaranty Bank of Austin, Texas. Victorville city officials said the bank told them the cost of finishing the homes would exceed what they could sell them for.
Homes prices in the area have fallen approximately 60% from the high values of 2006.
On a more positive note, some of the wood will be shipped to Mexico for construction there and much of the remaining wood will be ground up and used as landscaping mulch. At least the homes had a green ending.
As reported in The Wall Street Journal May 5, 2009
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.
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