Quantcast Celebrity Status Quo: Banks Foreclose on Builders With Perfect Records

Wednesday, January 21, 2009

Banks Foreclose on Builders With Perfect Records

Not only have new-home sales stagnated, but builders confront a rising wave of foreclosed properties coming to market at prices below the cost of building a new home. To move houses, they have to mark them down to less than the cost of construction.

The convergence of these problems is bringing many small and medium-size builders — who account for about 70 percent of new-home construction in the United States — to their knees...

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Source: new york times

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