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Homes Built of Tires and Trash Lure Environmentalists But Turn Off Bankers
This is the funniest headline I’ve EVER read in the Wall Street Journal:
Two of the Three Little Pigs Would Have Trouble Getting a Loan
Like many Americans, Jon and Laura Hagar are searching for a lender to refinance their home loan. But banks are leery of the Hagars. Their rural Colorado house is made of 17,000 old tires.
A niche mortgage mess is brewing in homes made of earth, tires, concrete and trash. Environmentally minded people built them, hoping to conserve energy and to re-use what might otherwise wind up in a landfill.
Such sentiments in some cases have been no match for the new resolve of the banking industry in the wake of the housing bust. Banks have become much pickier about examining sales of comparable homes, in deciding whether and how much to lend. Owners of odd homes can be out of luck.
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brad on March 18th, 2010 10:16 am
it’s really a life style that not everyone would share. banks are looking at the value of the home. would building a home out of tires really increase the value? probably not… what is the benefit of this… really… i mean if you mash it up into bits and use it as substraight sure.. maybe its just my imagination of hogans alley happening to neighborhoods all over.
Kurt on March 25th, 2010 5:04 am
Yes, it would be hard to determine the resale value of a home constructed of tires. How do you insure such a home?
While I really like the idea, I can see a banker’s point on the matter.
John Runnette on December 13th, 2010 12:59 pm
Owning an environmentally friendly business, this is not the first time that I have heard horror stories such as this. My best suggestion for the couple whose home is built of tires and trash is to contact Green America, in Washington, DC. Green America publishes “The National Green Pages” and one might find a bank or mortgage lender easier from a list of those supporting green business.
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