Are banks the problem?
The NAHB released a disturbing story this week. It cites the trouble many builders are having getting loans for new construction projects, or closing out existing loans.
Banks appear to be caving to outside pressure rather than relying on common sense and basic decency. And the billions of dollars in relief funds from the bailout program don’t seem to be helping builders at all. I thought the bailout money was intended to open up credit, not close it down even tighter.
Read the story and see for yourself how bad things are out there. The NAHB story has gathered 100 real-life examples of the problems real builders are having. It’s upsetting to read them, but you should.
It’s also upsetting when I see TV commercials showing families playing in their back yards, riding bikes, couples holding hands on moonlit strolls to the sounds of lovely, soothing music in an attempt to persuade homeowners to do business with banks. What … builders aren’t good enough?
Banks better start lending money again and stop building new branch locations on every street corner I see.