Media Find Another Housing Crisis Villain: The Builder
If it isnâ€™t another heartbreaking victim story about a homeowner who got in over their head with a mortgage they couldnâ€™t afford; the media look for someone to blame for the housing downturn.
This time, itâ€™s homebuilders. ABCâ€™s May 7 â€śNightlineâ€ť featured Maricopa,
â€śWhile existing homes go begging for buyers, builders continued putting up new houses,â€ť said ABC correspondent Brian Rooney. â€śAs many as one in 10 of the homes in Maricopa are for sale right now, as builders, banks, homeowners with mortgages they canâ€™t afford all compete to sell at lower prices.â€ť
But the segment didnâ€™t 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 didnâ€™t include anyone speaking on behalf of the homebuilders in that particular
â€śI pleaded with [the National Homebuilders Association] that the investors are coming in to town,â€ť Maricopa Mayor Kelly Anderson said. â€śThey need to watch what theyâ€™re 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€ť
Dr. Jay Butler, a real estate professor at
â€śThey really werenâ€™t building homes,â€ť