Destroy assets to help the housing market?

demolish_house.jpg
So Bank Of America has a new plan to get rid of some of their bad assets… Bulldoze the house and give the land to the local government.
I’m sure the local municipalities will love this payoff… 
BOA says one of the reasons they are doing this is to save the cost of paying property taxes.
Does something about this just smell funny?

Read more here:

http://curiouscapitalist.blogs.time.com/2011/08/01/bulldoze-the-new-way-to-foreclose/?xid=rss-fullnation-yahoo

Barry Bevis, Broker/Realtor
C-850-491-3600
F-877-870-9066
www.BevisRealty.com

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