Tuesday, May 5, 2009
A unique solution to the housing problem
We have had more than our fair share of problems because of the housing bubble out here in southern California, particularly in the farther reaches of the Inland Empire, where houses sprouted like weeds, with little rhyme or reason. Or, more importantly, economic rationale. Now one bank that repo'd some houses has a unique solution: it's tearing them down. It makes more financial sense for them to destroy them than to try and finish them and then sell them. There's almost no salvage value; a granite countertop went for $40, some scrap lumber was traded for a six-pack of Corona. 30, 40, 50 years from now, this will live on as a symbol of a world gone mad.