South Florida Builders, Lenders "Partners In Misery"; Both Left Holding The Bag On Land They Can't Use, Afford; Worst Yet To Come

In South Florida, the Daily Business Review reports:

• Now that residential development has hit the wall, builders and lenders are partners in misery. Developers in the field — from small-scale operators to national home-builders — who aggressively acquired land during the go-go years of the early and mid-2000s, are now stuck with hundreds of acres of land they have no use for and cannot afford to hold. Lenders have already taken title to numerous parcels and with a wave of land loans coming due, the worst is yet to come.

For more, see Developers stuck with land they have no use for.