Homes that have been taken over by the banks sit empty. These homes go on the market but because of the crisis no one is buying houses. In San Diego almost 30,000 houses are being foreclosed each year. San Diego’s housing disaster is number two in the nation, being beat by a county in Arizona. Houses have not been paid for and the banks are repossessing them, but then the house stands empty for a long period of time. Leaving a house to stew is only flooding the market, which causes an extra amount of pressure on the market. Many banks have begun to tear down homes that are sitting empty to minimize the stress on the market.

Many banks are getting a tax write-off for tearing down some the houses that they have taken over, and the amount of forecloses in San Diego has become a major problem. However, there is some dispute over the decision to tear down perfectly good home. The problem is that many Americans have been left homeless because of the bad market. To get ride of these homes is almost a cruel order as so many families have become homeless. There are many living on the streets or in shelter that could benefit from the home that the bank just torn down. Though it seems as though banks are trying to keep the market afloat, they might just be bringing the people down and taking away place that could be a shelter.

So what is the answer? There are some obvious moral dilemmas when thinking about tearing down homes. Although the banks have the right to repossess a home that is not being paid for, should they be tearing the houses down? Could there be a way to allow a family a little bit more time in their foreclosed home? Getting rid of a home seems like the easy choice here. There might be a way to transform some of theses homes into a homeless shelter though. When houses are in need, there has to be a better option than tearing down homes that have been foreclosed. Though the market is in trouble, the people are too, and concentration should not solely be aimed at the needs of real estate.

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This is filed under Foreclosures.

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