Media Find Another Housing Crisis Villain: The Builder
If it isnât another heartbreaking victim story about a homeowner who got in over their head with a mortgage they couldnât afford; the media look for someone to blame for the housing downturn.
This time, itâs homebuilders. ABCâs May 7 âNightlineâ featured Maricopa,
âWhile existing homes go begging for buyers, builders continued putting up new houses,â said ABC correspondent Brian Rooney. âAs many as one in 10 of the homes in Maricopa are for sale right now, as builders, banks, homeowners with mortgages they canât afford all compete to sell at lower prices.â
But the segment didnât focus on the irresponsible lenders or borrowers that created the market for home builders to thrive. Instead, it concentrated on the builders for capitalizing on the market. The report didnât include anyone speaking on behalf of the homebuilders in that particular
âI pleaded with [the National Homebuilders Association] that the investors are coming in to town,â Maricopa Mayor Kelly Anderson said. âThey need to watch what theyâre doing. One in five homes were sold to an investor. But times are good â they wanted to keep the sales going to satisfy the stockholders in those firms.â
Dr. Jay Butler, a real estate professor at
âThey really werenât building homes,â