Printed from the Charlotte Observer -
Posted: Tuesday, Jun. 09, 2009


Published in: 'Nightmare' archive

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Beazer strategy led to problems• The company sometimes crossed the line between selling to people who could barely afford homes and selling to people who couldn't.

Backed by the federal government

• Most Beazer buyers used loans insured by the Federal Housing Administration. Loose standards allowed some to borrow more than they could afford.

Other Beazer developments ailing, too

• Ten Beazer developments in Mecklenburg County have higher foreclosure rates than Southern Chase.

More problems in Mecklenburg County

• About three dozen starter-home developments across the county have foreclosure rates of 20 percent or more.

Southern Chase by the numbers:

• 406 houses sold in the Southern Chase subdivision between 1997 and 2004.

• 77 foreclosures among original home buyers in the neighborhood.


Monday: The number of foreclosures in Mecklenburg County has spiked to record levels since 2003, almost entirely because of foreclosures in starter-home subdivisions.

• With tips for first-time buyers.

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