Sign of the Times: It is Now Cheaper to Tear Down New Homes than Sell Them

by Lynette Chapman on June 25, 2009

In May 2009, a 16-unit housing project in San Bernardino County, near Los Angeles, was torn down by the Texas bank that financed the development, finding that demolishing the homes was a cheaper alternative to completing the construction. The developers had seen the homes, which were in various states of completion, fall in value by 43 percent from the previous year.

This grim situation is now all too common in California. The construction of almost 10,000 homes within the state has been stopped because of the financial crisis, with the plug being pulled on nearly 250 housing developments.

In Wichita, however, we have not experienced similar housing situations to the California situation. Wichita homes are in good hands. Homes are not at risk of being torn down by losing developers and foreclosure. For this reason, you still have you chance to own one of the many beautiful Wichita homes listed today. There are still spots of sunshine in these dark times. One of those spots is Wichita. Come home to Wichita now.