If you have ever been to the International Builders’ Show you will know that The New American Home has been a staple for the past 27 years. This showcase home proudly illustrated the advances in technology and techniques for home builders.
However the housing crisis has put the kibosh on this tradition as the builder of the New American Home has been unable to finance the project and has had to discontinue it’s construction.
Ouch.
My question is if the company, Domanico Custom Homes, can not finish the home, will it end up being foreclosed upon? And how fitting would that be that the New American Home could be a foreclosure in this brutal market.
The builder, Domanico Custom Homes, couldn’t raise extra money in time to complete the work for the show. On the site, the “banking industry’s reluctance to make loans for acquisition, development and construction, coupled with the housing downturn in Las Vegas” was blamed for Domanico’s failure to obtain financing in time.
It’s a fitting development and a familiar story for an industry that has been so battered during this housing downturn, its members struggling with sluggish demand for new homes and a tight credit market.
“It’s illustrative of what builders are facing all around,” said Jerry Howard, president of the National Association of Home Builders, which hosts the annual conference. Howard said that builders in “virtually every market in the country” have run into problems similar to those faced by The New American Home.
About 80% of the house is done, but the exhibit has an unfinished interior, making it impossible to obtain a certificate of occupancy, he said. This is the first time in the 27-year history of the exhibit that it hasn’t been finished on time. via WSJ.com
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Wow, Maybe they can move an already foreclosed "Completed" home to the site instead?
The idea of the American Dream is unsustainable. Not everybody could have that, there just is not enough space on the planet. We need to start having more sensible ideas for what houses should be like. Its not supposed to be a castle or a McMansion, it is supposed to be your family home.
-Tyler