Unfinished new housing developments are being abandoned ...

We supposedly live in one of the hottest real estate markets in the country(Raleigh, NC) and yet we have new housing developments that are not being finished, and many are being marketed for sale while the builders are in default and facing foreclosure.

In our one zipcode in Raleigh, we have 125 'pre-foreclosure' identified properties and 89 bank owned, and this is relatively affluent part of the city.

Check Realtytrac.com and see how many units in your area are in default or foreclosure, and this is BEFORE so many mortgages are to reset to higher payments in the next 3-6 mos.

We are in a lot more trouble with the housing market than the Government is willing to acknowledge.

However, the present trend is creating 'buying opportunities' for the ultra rich. WHoopee!

Stock Market crash and the Depression.

My Dad always said they were behind it.

who have put money down (and got nothing to show for it ...)

speculators bought older homes looking to make cosmetic improvements prior to flipping them and then got caught in the downturn. Aside from the homes I'm seeing on the RealtyTrac site, there are a bunch of other homes in the area that have been on the market for a long, long time.

I remember him constantly warning us on television how the economy was in trouble and we should be prepared. I also remember a few voices saying the economy was rolling along just fine and if dip-shit keeps it up with the rhetoric, hes gonna cause the economy to decline.

Now we have dip-shit and his buddies telling us everything is A-OK yet the vast majority of us know we're screwed. Funny how that works.
On one hand, saying things are bad when they are not can make things bad, yet saying things are good when they are not doesnt change a thing.

We are on our way to a two class society! Call your congressperson and senator and voice your displeasure. Tell them that you are considering no longer contributing to theirs or their party's campaigns until you see results. I believe it is time to throw all incumbents out!

Lists the same house multiple times. So I wouldn't go just off that.

foreclosure.com lists 90 houses that are pre-foreclosure, foreclosures, bankruptcies, for sale by owner, tax leins, or deals.

Your link lists 1127.

thanks for the reference to foreclosure.com

In our small community there is one new project going up and two others in the pipeline, in addition to several existing ones. They are all priced right around the amount that our empty-nesters could sell their family homes for (before commission). Who is going to buy them? As people lose their houses bought with subprime mortgages, they need some kind of rental housing, not a pricy condo. So will the new condos wind up being rented out to recover a bit of their cost? Another example of the pie-in-the-sky planning that has been too prevalent lately.

I wonder how the "Parade of Homes" did this year...I don't see much about the numbers from the N&O..but I realize their advertising depends on it all.

My view of folks faces where I go...is that something "grim" is going on.. But, I think no one wants to talk about it.

How are they going to fill all those OFFICE PARKS and Apartment/Condo's they've built? Every day a new part of the Triangle is being bulldozed ....so not all of the NEW Construction seems to have gone into bankruptcy yet. Unless the Powers that Be are thinking we will all have to be renters or downsize into an apartment masked as a Condo...and that "Foreign Investors" are going to be moving into that new Office Space...it would seem there's a BIG CONFLICT. Just look at Morrisville...New Shopping Centers, Condo's, Office Space and...as I said...most of the Raleigh Area is torn up with all the new development that seems to be on SPEED in just the last year.... :shrug: