VICTORVILLE MODEL HOMES DEMOLISHED - SHOCKING VIDEO: Part 5
Posted on July 29, 2009
Filed Under Government Foreclosures |
Victorville model homes being demolished.
BREAKING NEWS Developing: Another bank will begin the tear down of 20 Temecula homes in Southern California.
NEW HOMES DEMOLISHED
By Patrick Thatcher, staff writer for, Daily Press
Victorville- The housing collapse is taking a literal form for one bankrupt housing development.
Four model homes and 12 nearly finished spec homes at Bear Valley Road and Highway 395 are being demolished.
The developer filed bankruptcy about 18 months ago and the foreclosed property went to Guaranty Bank in Irvine.
A Guaranty Bank official, Real Estate Officer Dean Smith, said they were facing daily fines from the city of Victorville if they didnt do something with the homes and property that not up to code. He said it was a choice of pumping their own money into property site improvements and additional money to bring the home up to code or tear down the 16 homes.
Smith said the bank is not in the building or land development business and because of the current housing market does not see anything happening with the property for at least five years.
Our only option is to either proceed with putting more than a million bucks into the land, which weve already taken a huge hit on and lost a lot of money, or, we tear down the houses, Smith said.
He said the builder put up the homes before completing the site improvements and failed to have enough money to finish roads, walls, and other improvements that bring the community into code.
Everything just fell apart at that point and we cant sell homes that are not up to code, Smith said.
He said the city of Victorville fined the bank once because the home are out of code and would have faced daily fines if Guaranty didnt do something with the vacant houses.
There are still substantial dollars that need to be put into the land before the city of Victorville will give certificates of occupancy on the houses and the bank isnt willing to put forward that amount of money, Smith said.
He said the homes are a liability to Guaranty and that all of them are heavily vandalized inside and out with broken glass everywhere.
Our projections are that those houses would sit the way they are for at least five years, what would they be worth then? Smith said.
He said once the homes are demolished the property will be put on the market again. Calls to the developer were not returned.
Patrick Thatcher may be reached at 760-951-6227 or at pthatcher@VVDailyPress.com
Video 1
http://www.youtube.com/watch?v=qvrc7×3Amps
Video 2
http://www.youtube.com/watch?v=COy1YyVUPQ8
Bank Bailout Funds Hard At Work Part 3
Video 3
http://www.youtube.com/watch?v=B0vDkwT2VlY
video 4
http://www.youtube.com/watch?v=JGwTywKE9Ys
I want to give a SPECIAL thanks to Mike “Mish” Shedlock for helping me get this very disturbing housing story out to the public.
http://globaleconomicanalysis.blogspot.com
Duration : 0:1:37
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25 Responses to “VICTORVILLE MODEL HOMES DEMOLISHED - SHOCKING VIDEO: Part 5”
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They’re not “Homes” …
They’re not “Homes”, they’re houses. They’re not “Homes” until someone is living in them.
A house is a solid tangible object. Home is an abstract concept.
There was an …
There was an unsustainable building frenzy in Victorville. Prices have now dropped 50%. A home sold for $325K four years ago is now on the market for $175. Prices should never have gone so high, and wouldn’t have, if the bankers had done what they were supposed to do - to make sure that people could afford these escalated prices. But banks were making money on the quantity of loans and then shuffling them on to Wall Street.
poor builders …
poor builders crying about this- ” i wont be able to get that trophy wife now!”
Just because some …
Just because some evil government fines them daily, they have to destroy it. How sick can it get. Whenever you see something of value being destroyed, you just no the government machine of coercion is not far away.
Well if you are …
Well if you are going to distroy them , you might as well just give them to the people to live in them , even thow they cant pay….Right ?
I dont Get it ….
i bid the pipeline …
i bid the pipeline on this site about 2 1/2 years ago.
Why would a bank …
Why would a bank ever de-value property? This bank received bail out money. They were paid to de-value the land and to take homes off the market. This artifically keeps property value up. Your house never was nor will it ever be “worth” $400.000. Trying to hang on to the inflated value of your home is just putting more money in the banksters pockets. We need to return to actual et figures or this will get worse. Just keep jacking up the price and soon we’ll all be homeless.
i really dont know …
i really dont know what was said but one thing i’m not is half asleep. however to each his own!
There’s something …
There’s something not right about the banks version of the story.
According to Guaranty Bank Real Estate Officer Dean Smith, the city of Victorville was fining the Bank on a daily basis because the homes were not up to code.
These are new homes, 4 of them completed & 12 still under construction. How could they NOT have been built to code?
Guaranty Bank is full of sh*t.
Rather than selling the homes at a loss, thus saving them, they decided to totally demolish so NO ONE could have them!
why are are people …
why are are people so dumb
These cheap, …
These cheap, plastic tract homes blight most of So. Cal. turning towns into Whovilles.
Detroit & St. Louis are considering similar solutions, tearing down forclosed homes & shrinking the neighborhoods.
More backhoes to the Inland Empire -please!
Jenna Haze loves to …
Jenna Haze loves to suck dick so much she even received an award! - VIDEOPORNTEEN[.]COM
well i can see what …
well i can see what you said and i really think your half asleep
well i cant see …
well i cant see what was said but any ways i really think your taking it alittle bit out of context
Spelling error: …
Spelling error: Crops.
Read some history, it might improve your diction.
Do you know what …
Do you know what they plan on doing with the land? May be a tent city, perhaps a revival of Hooverville>
this place is a $%^ …
this place is a $%^_hole the high crime rate red light cameras hi murder rate ,gangs ,gangs,gangs,victorville and the high desert are $%^_holes,i know ive lived it
Plow under “crows” …
Plow under “crows” what a ing hole. Good job hole.
In the 1930’s FDR …
In the 1930’s FDR required farmers to plow under their crows and pour good milk down the drain in order to keep prices up. This was at a time when the Population of the US was having a hard time marking ends-meet. The *waste* of valuable goods worked… prices were kept high, and people went without. This was Market Manipulation in a weird, psychotic kind of way. Thanks US Government! So the city was fining them, how about a Tax Credit to Sell them at cost? Naw.. Thats not Government.
They could “buy” it …
They could “buy” it”, but can they “maintain” it? Being a homeowner has never ending costs, higher utility bills than an apt. or small condo, landscaping, trash, water, property taxes and loads of never ending upkeep over the years painting, carpet, floors, roof, etc. Also don’t forget that the appliances won’t last forever. When your air conditioner, heater, washer, dryer, refrigerator, air filter, water filter, etc. breaks the homeowner has to pay for it.
The bankers plan on …
The bankers plan on taking over the country when everything collapses so don’t hope for bad things.
Research the new world order and you’ll know what’s happening to our country/world
The NWO is really evil, there’s nothing ”bright” about it.
all of america is …
all of america is disposable.
it’s built on consumerism,
and now that everybodies out of money
it’s discarted like refuge.
life is cheap in america.
California is dumb.
California is dumb.
For the amount of …
For the amount of money the bank is paying the contractor to demo these homes, they have to put on some kind of a show.
It’s called ‘Milking It’. More than likely a “time and materials” job.
I had to spend an entire day one time, digging a 6′x6′x6′ hole with a backhoe on the government dime. A ‘15 minute’ clean hole mind you…. My orders were,…scratch, scratch, scratch, 3/4 bucket scooped out,… then “inadvertently” drag 1/2 bucket back into the hole, each time back in.
this is 2009. wake …
this is 2009. wake up bro. that left/right nonsense is a fraud. bush obama it makes no difference.