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Bank of America Corp. (BAC), faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most decrepit ones: a bulldozer.
The biggest U.S. mortgage servicer will donate 100 foreclosed houses in the Cleveland area and in some cases contribute to their demolition in partnership with a local agency that manages blighted property. The bank has similar plans in Detroit and Chicago, with more cities to come, and Wells Fargo & Co. (WFC), Citigroup Inc. (C), JPMorgan Chase & Co. (JPM) and Fannie Mae are conducting or considering their own programs.
DETROIT - Detroit neighborhoods with more people and a better chance of survival will receive different levels of city services than more blighted areas under a plan unveiled Wednesday that some residents fear may pit them against each other for scarce resources.
More metro areas are booming into sprawling megalopolises. Barring fresh investment that could bring jobs, however, large swaths of the Great Plains and Appalachia, along with parts of Arkansas, Mississippi and North Texas, could face significant population declines.
While rural America shrinks, larger U.S. metro areas have enjoyed double-digit percentage gains in population over the past several decades. Since 2000, metros grew overall by 11 percent with the biggest gains in suburbs or small- or medium-sized cities. In fact, of the 10 fastest-growing places, all were small cities incorporated into the suburbs of expanding metro areas, mostly in California, Arizona and Texas.
"These new patterns suggest that there will be a blurring of boundaries as regions expand well beyond official government-defined definitions," Frey said. "People like to `have it all' - affordable housing in a smaller-town setting but in close proximity to jobs and big-city amenities such as specialized shopping, cultural events and major sports and entertainment venues."
"Many moderate-sized metro areas can fulfill all of these needs," he said.