The Los Angeles Times today has a fascinating story about a housing development in Lancaster, a Mojave desert community north of Los Angeles, where the homes don’t have adequate water.
The developer, big New Jersey-based home builder K. Hovnanian, once planned hundreds of homes there, but stopped at 35. Now Hovnanian and the county are pointing fingers at who’s responsible for the lack of a basic necessity. Homeowners are suing, and defaulting.
Yet another sign of how crazy things got in the boom years.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.