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Even some of the private lenders who helped finance these spec homes are getting nervous, which is extremely understandable: Given the dimensions of the glut, nobody wants to get stuck with one of these white elephants.
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LA Developers Are Getting Desperate As Megamansion Glut Worsens Across the US – particularly in crowded urban markets like New York City – a shortage of new, affordable housing has helped home prices eclipse their highs from the pre-crisis years, leaving the dream of homeownership hopelessly out of reach for millions of heavily indebted.