Update on the Victorville tear down of brand new houses after the bank foreclosed on the builder

Geotpf_IHB

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Most of you have seen the videos from a blogger named Vision Victory on YouTube of brand new foreclosed houses being torn down in Victorville:



<a href="http://www.youtube.com/watch?v=4Ilayp2ykts&annotation_id=annotation_703785&feature=iv">Video</a> (six parts in total, that's the final one)



The national mainstream media is now getting on the act, with articles in the Wall Street Journal and a front page article in today's LA Times, as well as a clip on KTLA's news:



<a href="http://www.latimes.com/business/la-fi-demolish5-2009may05,0,4930126.story">LA Times</a>

<a href="http://www.latimes.com/video/?autoStart=true&topVideoCatNo=default&clipId=3725145">KTLA</a>

<a href="http://online.wsj.com/article/SB124148169574985359.html">Wall Street Journal</a>



Looks like there were sixteen houses in total. The four models were finished and the other 12 were only partially built. It also appears infrastructure like streets and sewers may not have been completed. All had been extensively vandalized with things like air conditioning units and sinks stolen, windows broken, and graffiti spray painted. Vision Victory is saying somebody on the demolition crew told him that a different bank is going to hire his crew to tear down 20 new houses in Temecula, but nobody seems to know if that's actually true, which bank that is, or specifically where that batch of houses are.
 
A former customer gave me a lift today. He purchased his house in Lake Elsinore in 2005, later HELOC'd it to do a remodel for a total of $355K. He told me his house was worth $120K - even with $100K in tastefully done upgrades.



ASSuming that the inside tip was right, they could bulldoze the whole town and nobody would notice.
 
<img src="http://www.latimes.com/media/photo/2009-05/46712802.jpg" alt="" />



<em>Folks driving past saw the wreckage and stopped. Whatever they take ?saves the dump fees,? a watchman said. Candy Sweet, along with a friend, traded him a six-pack of beer for some lumber; she?s using it to fix termite damage.

(Christina House / For The Times)

May 1, 2009</em>
 
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