YEah interesting read. That part about the builders was quite interesting:
"but the farms they once served are gone, paved over by developers and other speculators who figured that housing prices could only keep climbing. “It was like, ‘Build it and they will come,’ ” says Lewis Tillman, who, with his wife Tara, owns Westchester Realty. “Except they didn’t come.”
Looks like a clear cut example of over-supply to me. Lots of vacant houses built by builders and speculators in anticipation of one finding buyers.
DO we have an over-supply here in Australia? If so where?
