Inventory glut: Tearing down new homes in Victorville

| 1 May 2009 07:41

This video seems to be making the rounds. I saw it over at Calculated Risk first. The video shows new homes in Victorville, CA, just south of LA, being destroyed because it costs more for the banks to keep them up than to demolish them. That’s one way to pare the housing inventory glut.

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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