Builder Problems Leave Recent New-Home Buyers Stranded In Unfinished Developments

The Associated Press reports:

• [A]s America's housing market has foundered, homeowners who bought into newly rising projects at just the wrong time have found themselves marooned in stalled, abandoned or largely unoccupied developments with little place to turn, placing a strain on them and municipalities forced to pick up the pieces. Experts say it's one of the least examined aspects of the housing downturn, and one that has struck many parts of the country, from areas like Las Vegas, which experienced rampant speculation and overbuilding, to areas where construction was more restrained such as the Jersey Shore and Philadelphia.

For more, see Downturn leaves homeowners without neighbors (no longer available online).