Aug

2

Several recent internet articles mention that many banks are making the decision to tear down low value foreclosed properties. It looks like an accelerating trend.

Demolition companies, track hoe rental stores , waste haulers, and waste disposal companies would appear most likely to benefit immediately from this business. Using the bulldozer to improve the bottom line:

"Bank of America had 40,000 foreclosures in the first quarter, saddling the Charlotte, N.C., lender with taxes and maintenance costs. The bank announced the Cleveland program last month, has committed as many as 100 properties in Detroit and 150 in Chicago, and may add as many as nine cities by the end of the year, said Rick Simon, a company spokesman.

The lender will pay as much as $7,500 for demolition or $3,500 in areas eligible to receive funds through the federal Neighborhood Stabilization Program. Uses for the land include development, open space and urban farming, according to the statement. Simon declined to say how many foreclosed properties Bank of America holds."

Read more here.


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