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The number of perfectly good houses that are being torn down is really shocking.
Rather than reduce the principle so a family can make the payments and stay in their home, the banks use the foreclosure-and-eviction process to kick families out of their homes. Nobody keeps track of where those people go; many of them become homeless. The house then stays empty and does not sell, and then it becomes an eyesore and gets torn down. The stated purpose for doing this is that the property values of neighboring homes remain propped up. For the banks, this process takes priority over the families that were kicked out of their homes. But keeping the housing market artificially inflated in this manner is guaranteed to prolong and exascerbate the social problems caused by the housing bubble.
I don't understand why the banks are willing to take a total loss on a perfectly good house, rather than re-write the principle to a lesser amount, for the good of the families and the community.
Is it always all about the money?
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