Tight credit, high unemployment and consumer bankruptcies have stalled new home development throughout Florida. The number of housing starts plunged to less than 3,000 per month in 2011 from nearly 19,000 per month in early 2006.
With too few buyers, many developers are selling uncompleted units in bulk or losing entire properties through foreclosure. Lenders often take title so that they can resell and permit another developer to finish a project. Investors and developers can purchase failed or failing residential communities at relatively low cost.
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