In this Bloomberg article titled "BofA Donates Then Demolishes Houses to Cut Glut," reporter Lindsey Rupp details the mortgage service provider's plan to donate 100 foreclosed houses in Cleveland.

"Bank of America Corp., 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."

With so many foreclosed -- and in many cases blighted -- homes flooding the market, experts say prices are depressed and buyers are driven off, causing housing values to keep dropping.

"There is way too much supply," Gus Frangos, president of Cleveland-based Cuyahoga County Land Reutilization Corp., is quoted in the article. "The best thing we can do to stabilize the market is to get the garbage off."

According to Case Western Reserve University and Neighborhood Progress, there are as many as 13,000 foreclosed and abandoned properties in the city. Demolishing all of them could cost as much as $250 million.

BofA will kick in as much as $7,500 for demolition ($3,500 in areas eligible to receive federal funds).

Read the entire article here.