Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below.
County Sues 'Villas' Developers. Glenwood, Maryland: “A lawsuit filed by the county government claims that the developers and builders of the Villas at Cattail Creek misled homebuyers about many aspects of the project. The suit accuses developers Donald Reuwer Jr. and J. Thomas Scrivener, along with NVR Inc. (NVR), owner of the builder, Ryan Homes, of deceiving buyers for years. The allegations laid out range from the gate at the entrance, which the county said still doesn't work, to an unbuilt golf course, to a water and sewer system that even the developers acknowledge never functioned properly.” (Baltimore Sun, Sept 18)
More Units Could Ruin Roseville Developments, Resident Says. “California: “Residents are fighting proposals to add 216 housing units to WestPark and more than 2,000 to nearby Fiddyment Ranch. The changes would require amendments to the city's specific plan for the area… Last month, the Roseville Planning Commission recommended approval of an application by WestPark builders, Pulte Homes (PHM), Lennar Corp. (LEN) and Centex Homes (CTX) to relocate some land uses… The applicants also want to increase single-family homes, apartments and condominiums without adding to the acreage. For single-family houses, builders have asked to boost the density from three or four units per acre to five.” (Sacramento Bee, Sept. 18)
Orlando, Fla., Homes Built Atop WWII Bombing Range. “[Some] Orlando, Florida residents recently learned their 8-year-old developments were built on a World War II bombing range that wasn't thoroughly cleared… The value of the homes — which originally cost $200,000-$600,000 — has dropped by at least a third, residents say... Some homeowners involved in class-action lawsuits over the site say banks have told them the properties aren't worth anything to lend against… Lennar Corp. [is also] a legal battle with the Army Corps over those expenses… Homebuilders Taylor Morrison and K. Hovnanian (HOV)… declined comment through an attorney, citing pending litigation.” (AP, Sept. 17)
Anthem Residents Say Homebuilder Hid Water Costs, File Suit. Arizona: “Homeowners in the North Valley are upset over an increase in their water bills that they claim was hidden from them when they purchased their homes. Residents in Anthem recently filed a lawsuit against Del Webb and Pulte Homes, as well as Arizona American Water Company in Maricopa County Superior Court. Homeowners say their water bill recently increased by an average of $40 dollars which they say was part of a plan hatched by Pulte and the water company… to re-coup the 100 million dollars it cost build Anthem's water system.” (ABC15, Sept. 16)
KB Home's former chief Bruce Karatz to pay $7-million settlement. "SEC: The former head of KB Home (KBH) will pay more than $7 million to settle claims that he took part in a scheme to backdate stock options -- and then failed to disclose it. Former KB Home CEO Bruce Karatz, who as part of the settlement did not admit liability, was accused by the SEC of signing reports that he knew were false and violating disclosure and anti-fraud laws… He will pay about $6.7 million in compensation and interest to KB Home and a $480,000 penalty to the U.S. Treasury.” (LA Times via Newsday, Sept. 16)
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