Recent Home Buyers Snagged In Unfinished Development Facing Massive Foreclosures As Builder Faces Major Financial Problems

In Jennings, Missouri, North County Journal reports:

• William Coleman looked over the houses on Wilson Bridge Drive and praised his surroundings. "I love this neighborhood," Coleman said. "We've got great neighbors. There's no noise. It's a lovely area."

• However, there's one difficulty for Coleman and nearby residents - the neighborhood is part of the unfinished Alexandria Place in Jennings. The residential development is in financial trouble. On Aug. 16, two finished homes, four finished townhouses, five unfinished townhouses and 82 vacant lots will be auctioned to the highest bidders to repay money owed to the banks that financed the endeavor.

For more, see Jennings: Alexandria Place residents fear effects of foreclosure proceedings on 93 properties.