Tech & Biz

Foreclosures come to McMansion country

by mtippett | April 6, 2008 at 08:16 pm

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The Argument Against More Suburban Housing Development

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This shouldn't be news to anyone who's been following the US markets over the last 2 years but it looks like we'll all be able to pick up a well priced flatscreen on ebay sometime in the near future.

Poor people weren't the only ones who took out risky,high-interest loans during the housing boom. The sharp increasein housing costs -- and the desire to live in brand-new,spacious houses with modern features -- led many affluentbuyers to take out loans they couldn't afford.

"People had in their head, 'I need a mud room, I need giantcolumns, I need a media room, and I'm going to do anything toget it,"' said Robert Lang, co-director of Virginia Tech'sMetropolitan Institute, a research organization that focuses onreal estate and development.

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lazyleo2007

at 21:12 on April 6th, 2008

Local farmland gave way to a new subdivision called Rolling Hills Farm. The sign said houses started 'in the low millions'.

lazyleo2007 has contributed a photo to this story.

LisanneBklyn

at 22:40 on April 6th, 2008

In southern Brooklyn they are converting 1920s wood frames into cookie cutter monstrosities. Their construction has doubled property values and encouraged others to sell. Overconstruction has led to a glut of these dwellings, and sure enough, foreclousures have increased the numbers on the market. Nevertheless, it seems that they are still building and converting more of these.