I saw the story below in the Wall Street Journal yesterday.
Here are the bullet points:
A bank in Texas foreclosed on a townhome development that was only partially completed. The unfinished and vacant homes were a financial and insurance liability so the lender elected to knock down the unsold and unfinished units. Seems to be an aggressive way to get rid of stale listings. It sure beats the heck out of offering free lawnmowers or flat screet t.v.'s.
Given the huge inventory of unsold new construction in many parts of the country and even Springtown Bucks County (the Elliot Development on Drifting Drive comes to mind), knocking down a few thousand units would not be a bad idea.
the link to the story is below if you are interested in reading the whole story:
http://online.wsj.com/article/SB124148169574985359.html
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