Thanks to the housing implosion, thousands of homes across the country lie vacant – including new ones that have never been lived in. Many developers are being forced to hand over ownership of these homes to banks. That’s when squatters, drug users, and other miscreants move into the isolated “ghost towns” that are being created.
Now at least one bank in southern California, faced with fines levied by the city, is tearing down the once-promising suburb it owns… because that is cheaper than trying to bring the homes up to code so they can be sold.
(Source: Wall Street Journal)
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