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Friday, May 04, 2007

WSJ: Home Buyers Seek a Way Out

by Calculated Risk on 5/04/2007 12:27:00 PM

From the WSJ: As Market Cools, Home Buyers Seek a Way Out

In the latest fallout from the housing market's decline, 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.

... "People will go to great lengths to get out of a legally binding transaction," said Larry Sorsby, chief financial officer of Hovnanian Enterprises Inc. "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."