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Ben Bernanke testifying on Capital Hill said today there are signs the three year slump in the housing market may be hitting bottom. But any recovery will come too late for some housing developments in California that have been foreclosed. The banks have decided it’s cheaper just to scrap the projects, literally. Bryan Rooney is Victorville, California.
This is the new look of the housing collapse: Homes that were unfinished or unsold knocked down and hauled to a recycling dump. This was to be a development of at least 300 houses selling for about $300,000. 16 were either finished or under construction when the builder went bankrupt.
Man: I think it is a shock. I mean less than two years ago, when a builder was selling a home, people camped out in tents. We have stories where people were in tents and lining to buy a home. And this is just unbelievable. They are actually tearing them down.
During the housing boom, this was a hot spot where developments, some still under construction, sprouted all over the desert. At the peak of the market, the median resale price of a home in this area was just shy of $325,000. Since then, it has dropped 65%, now, at $115,000.
