Halted House Construction Pose Problems to Residents
A lot of house construction projects are being abandoned in the middle of construction. This is still to be blamed to the economic recession that the country is experiencing. While there might not seem to be a lot of damages to a neighbor house, this actually poses a risk to villages. Abandoned houses in the middle of construction are attractive to vagrants, who might also cause danger and harm to residents in the village.
Home builders are having more difficulties in completing new home construction projects because of costs such as overhead expenses, the need to construct a model home and to hire a sales staff. At this point where Americans are being tried financially, the housing industry continues to experience a dry spell.
A lot of home building companies are declaring bankruptcy and stopping construction. According to most of them, they are waiting for the market to turn around before they resume construction. Portrait Homes halted home construction in around six neighborhoods in Northern Texas. Wall Homes, an Arlington-based home builder, recently filed for bankruptcy protection in January. Sheridan Homes likewise filed for bankruptcy last August.
Choice Homes expressed that it recently halted home construction projects as it has decided to shut down and instead sell remaining houses. The Irving-based home builder made the decision after it failed to reach an agreement with a lending company about a loan. Choice Homes has also pulled out its operations in more than 12 neighborhoods located on the west of the Metroplex.
One of its developments, Springlake Park, has already stopped construction and is instead selling off the houses in the area. Lastly, Twinmark Homes has also experienced financial trouble as contractors are putting liens on the properties.
However, even if homeowners see these abandoned projects as eyesore and possible causes of danger, some see opportunities out of the situation. According to Wall Homes, builders who can take advantage of the housing crisis would be able to purchase land and properties for very low prices. This is an opportunity to give the housing market its turn around. However, this opportunity is only for those who are still standing. Home builders are hoping for the Dallas-Fort Worth area to be able to regain its strength for the housing industry.
