There Goes the Neighborhood

VICTORVILLE, California • T h e housing collapse is taking a literal form for one bankrupt housing development.
Four model homes and 12 nearly finished spec homes at Bear Valley Road and Highway 395 are being demolished.
The developer filed bankruptcy about 18 months ago and the foreclosed property went to Guaranty Bank in Irvine.
A Guaranty Bank official said they were facing daily fines from the city of Victorville if they didn't do something with the homes and property that were not up to code. He said it was a choice of pumping their own money into property site improvements and additional money to bring the homes up to code or tear down the 16 homes...they chose the latter.
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