Desperate Housebuyers

Todays Wall Street Journal carries a very sad story of the desperation that has taken hold as a result of the fallout in the housing market. According to this story By MICHAEL CORKERY and RUTH SIMON, "disputes are breaking out between builders and buyers who signed contracts for new homes and condos when the market was hot -- and now want to get out of them."
"They were willing to ride the real-estate boom on the way up, but some are not willing to ride it on the way down." said Larry Sorsby, chief financial officer of Hovnanian Enterprises Inc. Read it here, WSJ.com - As Market Cools, Home Buyers Seek a Way Out
It's about capitalism, supply and demand, greed, the importance of timing, and the desperation that results when you get it wrong.
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