That’s why the builders have been in such a hurry to finish these projects off. They know the clock is ticking and it’s already too late for the projects that aren’t completed, let alone the ones that haven’t poured foundations.
During the last downturn I appraised a whole bunch of homes that were abandoned halfway through construction. They were mostly custom homes rather than subdivisions. Usually the reason they walked was because they ran out of money and had spent the construction funds on other expenses – like eating.
