Banks take over where builders left off

At a time when dozens of Northwest banks are trying to dig themselves out of the mess left by the collapse of the housing bubble, City Bank of Lynnwood is attempting to build itself out. Literally.

AutumnWood at BrookTree in Tacoma, a gated development for “active adults age 55 or better,” had just seven or eight houses on its 117 lots when City Bank repossessed it last year. Rather than trying to sell the mostly empty project as is, City Bank hired builders and is gradually filling it in. Eight new homes are now under construction.

It’s one of several developments taken back by City Bank from delinquent builders and developers. The bank plans to build and sell starter homes on the land, aiming to minimize its losses on the soured loans.

Read Complete Story Here

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.