Builder Price Reduction Upsets Recent Homebuyers; Hurts Resale, Refinance Propsects

In Nashville, Tennessee, WKRN-TV Channel 2 reports:

• Neighbors in one Brentwood community are furious after their home builder lowered his prices on new homes by as much as $80,000. “We want them to sell what they said they’d sell and if they’re going to do this, we’re going to prohibit their sales,” said Rob Kusserow, who purchased a home in The Hills at Concord Place in Brentwood, a property developed by Centex Homes, one of the nation's largest builders. [...] “[It] kills resale. If you're a person who wants to refinance a mortgage you wouldn't be appraised at the level you owe” [said one homeowner].

For more, see Home Builder Lowers Prices, Neighbors Angry.