Bank demolishes foreclosed houses in Southern California
May 05, 2009
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PrintAn Austin, Texas-based bank demolished 16 new and partially built homes acquired in a foreclosure. The Guaranty Bank of Austin decided that if was better to demolish the houses rather than try to sell them.
The tract of housing was in Victorville, a town 85 miles northeast of Los Angeles in San Bernardino County. The average home prices have fallen from around 325,000 about 2 years ago to the current average of less than 150,000 in Victorville, according to Zillow.com. San Bernardino County has seen similar trends in home prices.
