If you can't sell 'em, demolish 'em. This appears to be a new strategy adopted by some big banks struggling with a glut of foreclosed homes on their books. A new report indicates that some houses are being leveled by bulldozers, rather than revitalized and sold. Is this really a smart strategy?
Lindsey Rupp from Bloomberg reports on the phenomenon. The idea is that a bank donates a foreclosed home and possibly even pays for its demolition. One recent example is Bank of America donating 100 foreclosed homes to a Cleveland-area agency that will revitalize the property for other uses. From the article:
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