David Allen - Homeowners Sue Developer for Decreased Value of Homes
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Uploaded by davidallenlaw on Jan 24, 2012
Attorney David Allen reviews a case in which homeowners who saw the value of their homes decline badly sued the developer. They argued the developer drove up sales of houses by providing financing to unqualified buyers. When the economy went south the unqualified buyers defaulted. The homes went into foreclosure. The homeowners remaining in their homes contended the value of their homes decreased more than similar homes because of all foreclosures in the development. The developer argued those were still in their houses did not suffer any loss. They still owned the homes and whether or not they would lose money when they sold them was speculative until the sale actually took place.
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