Speculators! Their devastating effect.
DID KB HOME KNOW WHAT IT WAS DOING WHEN IT SOLD 67% OF THIS NEIGHBORHOOD TO NON-OWNER OCCUPANTS?
SPECULATION CAUSES DEVASTATION! That was a finding of the Financial Crisis Inquiry Commission. THEIR CONCLUSION – speculation was a major contributor to the housing crisis.
INSTABILITY
KB HOME in their prescient 2005 sales addendum pointed out that speculation caused INSTABILITY!
KB says it was their policy to DISCOURAGE speculation. So how did this KB Home community in Vero Beach end up looking like this? (verification files provided to law enforcement)
KB HOME APPEARS TO HAVE BEEN DUPED ACCORDING TO THEIR CFO IN THIS WALL STREET JOURNAL ARTICLE!
UNBEKNOWNST TO KB HOME THIS BUYER INFILTRATED NINE TIMES!
SAME THING HAPPENED ALL OVER THE STATE!
ABANDONED HOUSES – UNKEMPT NEIGHBORHOOD
DEFAULTS – 69% –
PLUNGING VALUES – AMONG WORST IN THE COUNTY
UNABLE TO BORROW