The Modern Era Ghost Towns of the Housing Bubble
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We all talk about the millions of uninhabited houses, but we sometimes forget that some of the bets that builders made were colossal failures.
Whole subdivisions of spec homes that are uninhabited or partially built only to be left behind. The Wall Street Journal has a great article about these modern day ghost towns.
Some of the projects abandoned by bankrupt developers are in places that were hotbeds of new housing construction: Southern California, Atlanta, Las Vegas, Phoenix. As of July, the percentage of vacant housing stock available for sale or rent stood at 4.8% nationally, the highest figure in at least 33 years, according to Zelman & Associates, a real-estate research firm. via WSJ.com.
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