After my first review of this house (which was mostly shock, awe, and morbid curiosity) I had to go back and review it again, this time to try and determine whether this house should be rebuilt or bulldozed.
See Part 1 HERE

This house is a great candidate for rehabbing and flipping.

Morbid curiosity demanded that I go look at this Huntsville area foreclosure.  Look for PART 2 I’ll be discussing whether this house is worth rehabbing.

Debate continues to rage within the residential mortgage market over the boogeyman known as the “shadow inventory”. Is it coming? If so, when? And how bad can it really be?
The argument centers on the possibility that recent gains in home sales and valuations could quickly be eroded by a flood of new bank-owned homes – [...]

The housing crash is about to come back with a vengeance, as 7 million new foreclosure properties are about to hit the market, analysts at Amherst Securities Group LP said this week.
The New York-based mortgage-bond analysts called that number – which is about five-and-a-half times larger than 2005’s national tally of delinquencies and foreclosures – [...]

As the government looks to further stimulate the housing market in the face of a steadily rising national inventory of HUD foreclosures, huge savings are being realized on Huntsville and North Alabama properties, according to Annapolis, Maryland-based Heavy Hammer, Inc.
The online networking and consulting company cited a recent study showing government foreclosures are routinely underpriced [...]

Foreclosed homes in Huntsville, Madison, and Limestone Counties aren’t always the best deals in town – even if they do come with a price tag that appears to be lower than some other homes in the neighborhood.
Here are 10 reasons why that is true, offered by Vince Mastronardi, president of On-Site Specialty Cleaning & Restoration [...]

By Stephanie Armour, USA TODAY
A second wave of foreclosures is poised to hit the Huntsville and North Alabama housing market, potentially undermining housing recovery efforts as more homes add to the glut of inventory and drive down prices.
These homes largely represent loans that are delinquent but have not yet resulted in foreclosure sales.
About 7 million [...]