by Calculated Risk on 8/13/2008 04:54:00 PM

From Andrew Galvin at the O.C. Register Mortgage Insider: Homebuilder warns foreclosure shoppers

“A foreclosure may appear to offer the best deal on a home, but there are numerous hidden costs,” [ John Laing Homes, an Irvine-based builder] said in a press release. “A foreclosed house is sold ‘as-is.’ At times there will be a lot of time and skill involved to undertake major renovations as well as financial costs, which should be considered if you value your leisure time.”

Do you think they are feeling the pain from all the distressed properties for sale?