Foreclosed: newly built homes
It's not just homeowners who have to worry about foreclosure -- builders do, too.
As Lorraine Mirabella reports today, "Two separate lenders have foreclosed on 35 of Dale Thompson Builders' unsold homes, building lots and unfinished houses in Columbia's Scot's Glen townhouse development. One lender also foreclosed on seven lots in a neighborhood of $1 million homes in western Howard County, according to public records detailing property auctions."
As the price tag suggests, these are upscale homes. You can see a photo of Scot's Glen -- and a map showing the numerous unsold properties -- on Dale Thompson Builders' website. The company is local, based in Howard County.
It's a tough time to sell, but that's not the only issue facing homebuilders. It's also not an easy time to keep the financing flowing for a homebuilding project.