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Speculators! Their devastating effect.

 

FORECLOSEDDID KB HOME KNOW WHAT IT WAS DOING WHEN IT SOLD 67% OF CARRIAGE LAKE  TO NON-OWNER OCCUPANTS?

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SPECULATION CAUSES DEVASTATION!   That was a finding of the  Financial Crisis Inquiry Commission  which  “spent more than a year investigating the causes of the financial crisis.   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!

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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)

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KB HOME APPEARS TO HAVE BEEN DUPED ACCORDING TO THEIR CFO IN THIS WALL STREET JOURNAL ARTICLE!  

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UNBEKNOWNST TO KB HOME THIS BUYER INFILTRATED  NINE TIMES!

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SAME THING  HAPPENED ALL OVER THE STATE!

A SURVEY OF FLORIDA COUNTIES FOUND KB HOME SOLD MULTIPLE HOMES TO THE SAME BUYER 100’S OF TIMES ALL OVER THE STATE!   

 

AND WHAT WERE THE EFFECTS?

ABANDONED HOUSES – UNKEMPT NEIGHBORHOOD

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DEFAULTS –  69% – ONE OF THE WORST IN THE COUNTY

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PLUNGING VALUES –  AMONG WORST IN THE COUNTY

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 UNABLE TO BORROW

Deadbeat neighbors can ruin chance to get loan

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 Posted by at 12:44 pm