Here's the latest on the California Housing Crunch. Bankrupt builders are leaving their creditors with nearly finished homes. The banks, already upside down in the deals no they can never recoup their losses so the demolish the homes as you see in this video below.
Unfortunately the demolition makes sense because the besides finishing the homes the banks would likely be obligated to complete the streets, sidewalks, curbs, gutters, and all the rest of the neighborhood infrastructure. Very sad, especially in light how many people don't have a proper roof over their head.