Housing market literally hits the bottom (video)

In Victorville, California and several other places the housing market is literally hitting the bottom as banks are finding it more cost effective to bulldoze foreclosed houses rather than selling them. As the clip below shows, Guaranty Bank decided to demolish four model homes and 12 nearly finished houses in Victorville because they were facing daily fines from the city of Victorville due to code violations. Instead of pumping over a million dollars into the land to meet the code and waiting patiently for buyers to show up, which could take over five years, the bank decided to pick the cheaper alternative and just razed these houses to the ground.

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