Create Lasting Wealth Investing in Foreclosures & Distressed Properties. Buy Properties at Discounts of 20-50% - Get FREE Foreclosure Lists & Learn How to Buy Foreclosures, Bank Owned/REO’s, Short Sale & Pre-Foreclosures!
-
-
Join us on our Forums!
Click stars to vote (left is low, right is high)
(No Ratings Yet)
Loading ...
Shannon Bennet picks through the site in Victorville, Calif., where homes were demolished rather than completed and sold. © Nick Ut/Associated Press
Guaranty Bank recently foreclosed on 16 new and partially built homes in Victorville CA, a town 85 miles northeast of Los Angeles. Four of the homes were substantially completed and the other twelve were 50% completed or less.
Guaranty Bank, whose parent company, Guarantee Financial Group was recently issued a “cease and desist” order by the Federal Office of Thrift Supervision decided it was cheaper to just destroy the homes rather than complete and re-sell them. Home prices in San Bernadino County where the development was located have fallen 60% from their peak in 2006, according to the firm DataQuick.
The Author: Kristian Aasgaarden
About: Kristian, one of the co-founders of Real Estate Investment Firm, brings over 16 years of industry experience to REIF. Kristian began his career in the escrow field and was an escrow closer for many years before turning to real estate investing.
This entry was posted by Kristian Aasgaarden, on Wednesday, May 6th, 2009 at 5:19 pm and is filed under Bank Owned/REO Property, Featured. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response on the right, or trackback from your own site.
Leave a Reply
You must be logged in to post a comment. PLEASE register now and you'll be able to fill out a profile, upload an avatar or picture of yourself and get a FREE link to your website. After commenting you can use the same login to join in our forum discussions. If you haven't done so already subscribe to this site. We're always adding new information and we would love to have you participate.
Join the Discussion in Our Company Name Forums
Fatal error: Call to undefined function wp_bb_get_discuss() in /home/distress/public_html/wp-content/themes/3net-Social-Ascension/single.php on line 130