Saturday, August 11, 2007
US housebuilding/ homeowning in crisis
I expect a lot of builders are about to lose their shirts on the housing market and the obvious areas where things will go bad first, and worse, are the newly hip areas such as Bed-Stuy. It’s a story that is being replicated across America. Millions of people are stuck in homes they thought were great investments and saddled with mortgages that look increasingly burdensome. Builders are left with half-developed plots that few people can afford.