...I have had a construction business for 23 yrs. I laid off all my workers in 2007, and kept myself busy working alone. Now I can't even do that. I grossed one and half million in 2005 and last year 30,000.00....
It happened as too many people were sold homes not based on a program of their individual needs, but as an "investment". Everyone/family is different and that would be reflected in different homes being built if not for the need by the salespeople and flippers to turn what they were selling into a short term investment vehicle. An investment vehicle like a share of common stock MUST be exactly the same as any other share in the same company. That's why regardless of family size or age, for years most homes had to have 4 bedrooms, 2-1/2 baths and a two-car garage.
Now we're STUCK with ALL these homes that may have suited some typical Echo Boom nuclear family fantasy for a very short period of time but are of little value to the newer buyers and their living situations. Most older single men and young singles could care less about the "standard features" like 9 foot ceilings, round-top windows and a never used formal dining room to show of that same OLD American Colonial furniture.
trying to put a deal together now, take the abandoned shyte piles off cities hands. they'll pay me to tear the rubbish out. banks now dumping THOUSANDS of properties it no longer makes sense for them to hold. something about "moral hazard" failures and bankers? they'll be sued for maintenance and nuisance issues. course cities are now to broke to pay for lawsuuits that banks will draw out for decades!