“Things that were unthinkable are now becoming thinkable.”-James W. Hughes, School of Planning and Public Policy at Rutgers University

If you want proof that the housing market still hasn’t hit bottom, just look at what Bank of America is doing, they’re bulldozing all those homes they foreclosed on.  Why? “There is way too much supply, the best thing we can do to stabilize the market is to get the garbage off.”-Gus Frangos, Cuyahoga County Land Re-utilization Corp of Cleveland

It’s not just BoA, but the other big banks that foreclosed (sometimes unjustifiably) on hundreds of thousands of homes across the U.S. are doing the same thing.

Essentially the big mortgage lenders shot themselves in the foot.  Now there is way too many homes on the market, compared to the decreasing number of qualified home buyers.

BoA is planning on bulldozing 100 homes in Cleveland, Ohio.  BoA is even giving away homes to local authorities: “No one needs these homes, no one is going to buy them. Bank of America is not going to be able to cover its losses, so it might as well give them away and get a little write-off and some nice public relations.”-Christopher Thornberg, Los Angeles office of Beacon Economics LLC

So far they’ve off loaded around 100 homes in Detroit, Michigan and 150 in Chicago, Illinois.

Even big cities are bulldozing their own.  Detroit Mayor, Dave Bing, proposed bulldozing one quarter of the entire city’s houses, and empty buildings, over the next three years.