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Sure, and I could win the lotto too.
However, neither are LIKELY to happen.
Ken
Hyperinflation isn't just by chance. It occurs as a consequence of the high velocity of money. It has occurred among the formerly richest countries the world has seen too. Considering all the periods in modern day history among westernized countries its occurred in and what conditions precede it, the probability is actually quite high. Much greater than winning the $2 prize on an instant lottery scratch-off.
Actually I have a question: does the bank get to write off the loss of the property at any value they want if they demolish it?
Say for instance, they say the property is worth "500K" but they can only sell it for 150K. If they demolish it, can they get a tax break/deduction for the 500K by demolishing the property. How does that work?
Inquiring minds are watching a pair of videos from Southern California. Allegedly, banks acquired brand new homes in foreclosure processes, the homes were not quite finished and the banks razed these homes rather than fix code violations.
It probably is cheaper to tear them down than to fix the code violations. Many homes recently built were built with the cheapest labor and materials possible. The whole housing bubble was based on get rich quick, greed.
Many of the homes built in the last few years should be torn down. If some naive person bought them, they may end up in big debt trying to keep up with the repairs.
Housing subdivisions were going up practically overnight. Imagine the repair bills when these homes are 5 years old and more.
It probably is cheaper to tear them down than to fix the code violations. Many homes recently built were built with the cheapest labor and materials possible. The whole housing bubble was based on get rich quick, greed.
Many of the homes built in the last few years should be torn down. If some naive person bought them, they may end up in big debt trying to keep up with the repairs.
Housing subdivisions were going up practically overnight. Imagine the repair bills when these homes are 5 years old and more.
I doubt it - did you SEE those homes? Looked easily upwards of the $500k mark, and those builders do not use mobile home materials... unless they never intended to sell them, which opens up an even darker can of worms.
I doubt it - did you SEE those homes? Looked easily upwards of the $500k mark, and those builders do not use mobile home materials... unless they never intended to sell them, which opens up an even darker can of worms.
The price tag doesn't always mean that there are no serious flaws in the construction of the house.
It said they were tearing them down rather than fixing code violations -- and I would bet some of the code violations were serious, expensive to fix.
Many home builders were out for the big easy quick money. They never hired quality craftsmen to build these homes, they brought in truckloads of illegals to throw houses together fast and ignored building codes just like they ignored labor laws in order to make a quick easy buck.
What can banks do with these overbuilt and empty houses? Let the homeless move in and pay rent if they can? That won't help the property values.
Empty houses become a big liability because for one the property taxes and also lawsuits by squatters if they become injured.
Anyhow, I think most of us could have predicted this months ago -- we knew the housing and easy credit bubble was about to burst and these would be some of the results.
Anyhow, I think most of us could have predicted this months ago -- we knew the housing and easy credit bubble was about to burst and these would be some of the results.
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