Bank of American Demolishing Foreclosed Homes

In an effort to lower their supply of the 40,000 foreclosed properties on its books, Bank of America is donating 100 homes in Chicago, 100 in Detroit and 150 in Cleveland to area agencies and is helping to pay for their demolition. The chosen homes are their most decrepit properties, some valued at less than $10,000. The cost of restoring the homes would be higher than their resale value and by donating them and demolishing the bank is no longer responsible for the maintenance or taxes. Bank of America intends to make similar donations to nine other cities this year. The land from the homes will be used for open space, urban farming or development. Fannie Mae, JPMorgan Chase, and Wells Fargo also have similar plans.