I mean, the standard houses built during the boom were subject to exponential greed on the part of the developers; i.e., the more money they made, the more they needed to make. They were subject to a lack of thoroughly trained contracting professionals, because so many units were being built that kids were in charge of most of them. Now as house prices plummet, what shall we do with the excessive inventory of unsold houses. Don't forget that there is a good chance that 60% or more of this inventory is total crap.
An article in Reuters:
http://www.reuters.com/article/newsOne/idUSN0130613220080407
Foreclosures come to McMansion country
These houses are sometimes nicknamed "McMansions," disparaging both their extravagance and their look of mass production -- like hamburgers from a McDonald's restaurant. Between 1990 and 2005, the county's population tripled to 272,000. Many of those moving here relied on risky, high-interest loans to buy the house of their dreams.
This tells us all we need: junk design, fast growth, in debt up to one's eyeballs....as the old TV commerical from not so long ago put it. I live in a newer development. Often the material is crap. The design is crap. The workmanship is often crap. This was not just a housing bubble...this was a crap bubble. Well, we as a society have always took pride in our anti-Amishness; we are up-to-date and charging right ahead on all 12 cylinders while they drive horses and buggies. They also get our spill-over gun crimes when our society cannot absorb anymore at times. They have barn raisings. Let's have house burnings! Apart from the Insurance companies, a reduction in inventories will be all for the better. Besides, those poorly built, jerry-rigged boxes set on lots denuded of trees will not last all that long if there is no one to maintain them. Think about it.
Darfur house burning
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