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A New Type of Closing: Bank Destroys Homes

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The Wall Street Journal reported yesterday that Guaranty Bank of Austin demolished 16 new and nearly completed homes in the SoCal city of Victorville, after deciding it was cheaper to destroy the homes. "Victorville city officials said the bank told them the cost of finishing the development would exceed what they could sell the homes for. The bank also faced escalating city fines as vandals and squatters took over the sprawling housing project, leaving behind graffiti and drug paraphernalia, city officials said."
· No Sale: Bank Wrecks New Houses [WSJ]