Why are builders building all of these expensive houses people can’t afford?
I live in a typical middle class town, however, for the past few years builders have been building all of these expensive, massive, monster homes that nobody can afford. Despite, the bid price tag, the builders seem to be in cahoots with some mortgage lender who ends up approving a loan for unqualified buyers. In as little as 1-2 years, the property winds up going into foreclosure. This apparently is a nationwide problem seeing foreclosure is now at an all-time high. Why don’t builders build homes that people can afford? For the record it only costs builders $ 150,000 to build a house they charge $ 300,000 for.