Foreclosure Crisis Hitting Homes Not Yet Built (California)

[UpInArms]

Source: CBS13

MANTECA (CBS13) ― The biggest foreclosure ever in the Manteca-Lathrop market has rattled homeowners with a dramatic twist in the housing crisis: Many of the foreclosed homes have not even been fully constructed yet.

The lakeside beauty of the Oakwood Shores community, with its Italian-themed architecture and giant homes, is now being outshined by the gloomy economy. The first building you see when you drive through the gate is also the first sign that something is wrong. It isn't finished.

"It's not what I envisioned, but when the market started declining it's kind of what you expected," said Jamie Granda, the first buyer in the community.

Suddenly, Beck Properties, whose flags still fly proudly outside the main gates, filed a foreclosure notice for the Oakwood Shores development in Manteca and two others in Lathrop.

With only a dozen or so of the 480 planned houses finished here, most of the development sits empty. Dirt lots are sitting next to homes sold for $600,000 or more.

Read more: http://cbs13.com/local/foreclosure.unfinished.homes.2.765857.html