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April 24, 2009

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.

Posted by Jamie Smith Hopkins at 8:07 AM | | Comments (2)
Categories: New developments, The foreclosure mess
        

Comments

Great news! Hopefully many more foreclosures coming! Firesale 21012 on schedule!

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!!!

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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