Yea this seems to be happening everywhere (well most everywhere), The Builders know what the mortgage companies will go for and what they won’t (or they are learning fast).
This whole credit crisis is really not what most think, The Sub-Prime of it’s self is not a big issue, what is a big issue is what the sub-prime did (this is where I think most economist get it wrong), What it did was drive the average price about 200K more than where it should have gone,
So Now the issue with credit is, who wants to buy paper on an asset that is 200K over priced ????
