House On Our Block Getting Razed?

There's an old bungalow on our block that was up for sale for the better part of 2011 when suddenly - about 3 weeks ago - the For Sale sign disappeared.  No "Sold" sign ever appeared.  But the family moved out.  The house was empty for 3 weeks when this fencing went up.  I'm guessing that a builder bought it, right?  And...they're going to tear it down.  That's good for house values, but I'm surprised that they're able to move that fast.  I figured someone would try to rent it for a while, but perhaps they have a buyer for the house they are set to build?

Does anyone in the neighborhood know?  I've heard lots of speculation, but no confirmation