Diana Olick has a funny (sad-funny, not funny-funny) report from the scene of the Great-Hovnanian-Going-Out-of-Business-Sale, on a screwed Hovnanian homedebtor who not only lost $100,000+ by making the mistake of buying a Hovnanian home, but tells Diana to look around at who's living in his neighborhood's homes.Soccer moms and future Harvard grads? Wine and cheese parties? You know, like the brochure?
Nope.
Communes of people pooled together with subprime loans. And you just know there's some grow houses in the 'hood too...
Ouch. That's gotta suck.
Hovnanian Homes: From Upscale To Communal Living?
These are all pretty big homes, out here in the middle of strip-mall nowhere land, and they boast many levels with many rooms. The houses are all in about the $400,000 range, so no jumbo loans necessary. Gregg seemed very upset about the "element" of people that are now filling these homes, especially since he says Hovnanian described this as an "upscale" community. He says that because the homes are so big, there are multiple families living in each home, which by the way is against the zoning laws here.
I looked around the driveways, and I have to say, there were an awful lot of cars in many of them for just one family. He claims very low-income families are pooling their money, much of which came, he believes, from subprime loans, and living communally.
