Tom Bawden writes about house rage in this article in the London Times.
I think the stories of people tearing up their houses definitely exist, but are rare.
The part of this article that is unquestionably bullshit, however, is:
There are 28,655 vacant properties on the market in Las Vegas as a result of foreclosure, Ms Banks said.
That’s a good one.
First: There are only 22,434 units available for sale in Las Vegas, as of the 5/17/08 GLVAR MLS database.
Second: Many of those aren’t vacant.
Third: Probably less than 10% of these for sale units have gone through foreclosure. (That’s not to say there aren’t a LOT of foreclosures in the pipeline.)
The author then goes on, in the time-honored way pessimists do, to list every failed project he can find. However, there’s really only one these days:
Crown Las Vegas, a bullet-shaped hotel and casino that was going to become the tallest building in the city, was scrapped last month for lack of financing.
This project was always a dubious piece of slideware. Spending time talking about it and Cosmpolitan in an article that doesn’t mention the healthy, vibrant projects at Echelon, Fountainebleu, Palazzo, and Encore is basically journalistic fraud.
And as I’ve written elsewhere, the Cosmopolitan is actually doing great, thank you very much. Bruce Eichner, a very nice and intelligent guy, may end up forced out, but the project will be up and healthy at the end of next year.