Credit crunch hastening the demise of large tract subdivisions
Economic troubles are causing home buyers and developers to reconsider the housing trends that have defined american suburbs for 50 years.
The Oregonian reports on several large subdivisions in the Portland area that have stopped in their tracks due to lack of available credit.
Meanwhile, some interest persists for houses in small towns outside of Portland, due in large part to better amenities and cohesive community feeling in those locations.
Developers acknowledge that a change in home buyer expectation is underway. "Factors such as high gasoline prices will play a big role in that," Randy Sebastian, founder of Renaissance Development said. "Increasingly, people are going to want to be close to schools, employment centers and freeways."
Write your comments in the box below and share on your Facebook!