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.
Categories: New developments, The foreclosure mess
Comments
Great news! Hopefully many more foreclosures coming! Firesale 21012 on schedule!
Posted by: Darwin Rules | April 24, 2009 9:37 AM
I'm confused. With the economy having bottomed- the banks all healthy according to the stress test - why aren't the "rich" people buying homes...come on guys - Coach Cardin said it was a good time to buy!! BUY PEOPLE! BUY!! Trade up!! HURRY!!!
Posted by: Peter Geittner | April 24, 2009 6:28 PM