Crazy video below of a residential development area in Southern California being leveled after the homes could not be sold and the bank that financed it all was being fined by the city for every day these incomplete homes were standing. Back in NC, I used to see these neighborhood developments all the time. Literally, and entire neighborhood would be carved out on hundreds of acres open land and roads, sewer, housing, etc. would be built before anything was actually sold! The developers were banking on the market and that if you build it, buyers will come. I guess 2009 is a different story.. ya know.. with the recession an' all.
Monday, May 11, 2009
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