MinnPost’s Jeff Severns Guntzel is mapping every vacant property in Minneapolis, a worthy effort in light of a shift in attention from the mortgage market meltdown to what will happen with all of these empty buildings in Minneapolis and elsewhere.
On CNBC, this morning, one “analyst” had this idea: knock them down, says Joseph LaVorgna, Deutsche Bank’s chief economist.
“If we have excess housing, why not pay to remove the excess supply from the market, the marginal supply goes up, people feel wealthier, and it deals with the problem, “LaVorna said.
“It shouldn’t count on taxpayer dollars to do any of it, ” CNBC’s trader/ranter Rick Santelli countered. ” He says if the idea has merit, the owners of record — usually a bank — should pay.
Most experts figure the housing market won’t rebound until the “excess supply” of foreclosed houses are off the market, either because someone buys them or someone destroys them.
(Video: Craig Stellmacher)