{"id":185085,"date":"2011-10-16T20:06:00","date_gmt":"2011-10-17T01:06:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/10\/16\/banks-are-demolishing-homes-now\/"},"modified":"2011-10-16T20:06:00","modified_gmt":"2011-10-17T01:06:00","slug":"banks-are-demolishing-homes-now","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/10\/16\/banks-are-demolishing-homes-now\/","title":{"rendered":"Banks are Demolishing Homes Now"},"content":{"rendered":"<p>Yes, it&#8217;s central Cleveland, but it&#8217;s happening elsewhere, and with a real turn around in house prices years away, <a href=\"http:\/\/www.washingtonpost.com\/business\/economy\/banks-turn-to-demolition-of-foreclosed-properties-to-ease-housing-market-pressures\/2011\/10\/06\/gIQAWigIgL_story.html\">this will spread<\/a>:<\/p>\n<blockquote style=\"color: blue;\"><p>Cleveland \u2014 The sight of excavators tearing down vacant buildings has become common in this foreclosure-ravaged city, where the housing crisis hit early and hard. But the story behind the recent wave of demolitions is novel \u2014 and cities around the country are taking notice.<\/p>\n<p>A handful of the nation\u2019s largest banks have begun giving away scores of properties that are abandoned or otherwise at risk of languishing indefinitely and further dragging down already depressed neighborhoods.<\/p>\n<p>The banks have even been footing the bill for the demolitions \u2014 as much as $7,500 a pop. Four years into the housing crisis, the ongoing expense of upkeep and taxes, along with costly code violations and the price of marketing the properties, has saddled banks with a heavy burden. It often has become cheaper to knock down decaying homes no one wants.<\/p><\/blockquote>\n<p>The thing is that as bad as it is in the cities, when this happens in the suburbs, and the lifestyle in the far suburbs is not sustainable, there won&#8217;t be the any sort of useful application for the abandoned land, the article mentions land banks creating things like common spaces and community gardens, are just going to sit and decay.<\/p>\n<p>It will be like some suburban Cyberpunk novel.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yes, it&#8217;s central Cleveland, but it&#8217;s happening elsewhere, and with a real turn around in house prices years away, this will spread: Cleveland \u2014 The sight of excavators tearing down vacant buildings has become common in this foreclosure-ravaged city, where the housing crisis hit early and hard. But the story behind the recent wave of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,1088],"tags":[],"class_list":["post-185085","post","type-post","status-publish","format-standard","hentry","category-finance","category-real-estate"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/185085"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=185085"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/185085\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=185085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=185085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=185085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}