Bank of America is Demolishing & Giving Away Homes.

Where do I sign up.  Bank of America is donating hundreds of homes in some areas and demolishing some in others.  It appears they've foreclosed on so many homes that are in terrible shape, no one will buy them.  (As a realtor, I'd like to point out that if they didn't take so long to make a decision in short sales, maybe they wouldn't have so many empty ones.)  When the house is in an area that is filled with blighted properties, it costs $7,500 to demolish them; so they clear the land and get rid of nuisance properties.  When sitting empty, a house can be used by drug dealers etc, or kids could get in them and get hurt.  Better to get rid of the problem, they feel.  Also they are donating some that are in better shape.  I think they should donate to the ones who were kicked out of the house to begin with if they are goin

Banks across the country are sitting on foreclosures no one will buy. What to do with them?

By Kim Peterson on Thu, Jul 28, 2011 2:58 PM

Bank of America (BAC) is sitting on loads of foreclosed homes that it can't sell. Instead of holding on to them endlessly, it's starting to bulldoze some.

In other cases, the bank is simply giving them away.

The bank is donating 100 foreclosed homes in Cleveland, Bloomberg reports. It will give away as many as 100 homes in Detroit and 150 in Chicago, and plans to add up to nine more cities by the end of the year.

Some foreclosed properties are so blighted and uninhabitable that the bank will pay to have them destroyed. A bank spokesman said some in this category are worth less than $10,000. Bank of America will pay up to $7,500 for demolition. In other areas that could receive federal funds, it will pay $3,500 for demolition.

The land could be used for open space or urban farming, Bloomberg reports.

This is a big problem for banks across the country. These houses are not acceptable for occupancy and no one will buy them. They're a huge weight on the banks' books, and no one knows what to do with them.

Wells Fargo and Fannie Mae are donating houses and demolishing homes in Ohio, Bloomberg reports. In the big picture, removing these homes will decrease the housing supply and help the market recover. The banks could also get some tax advantages and a small bit of badly-needed public relations help.

< Bg to donate them - oh, what am I saying, that would be paying people to NOT pay their bills.  I take it back.  In case you think I'm making this all up, here's the original story: