Massive home development, modest homes aimed at first time home buyers, 'great deals, easy financing'. Yeah, and built on land that was not the most stable. Built fast, and showing it fast when foundations started developing serious cracks and shifts. Walls became unstable in many homes.
The home buyers were not financially comfortable, but were convinced this was the way to become home owners which would assure they would FINALLY be able to escape a life of just accruing a stack of rent receipts instead of equity in a home in a town with a fast growing market.
Many home buyers were trapped in homes that were not sound. I seem to recall many families had to move out when the homes became unstable enough to be at risk. Working people working in a state with very few union jobs, extremely low pay, and little consumer protections at the time. Some had to move into, and pay rent on apartments while still saddled with montage payments on houses that were unlivable.
Moved out of the area and didn't keep up with whether any of those home buyers were ever made whole again. Did know there were LOTS of lawsuits.
Good times back then. But Pulte made lots of money. I have no idea what other communities his construction company may have screwed over, but I was in Tucson at the time and had friends in the land title company that handled the Pulte account just prior to the brand new homes turning into money pits for not-well-off first time home buyers. Seem to recall the mortgage rates the were lower than the going rates at the time. Beginning of sub-prime rush to get buyers who really didn't have the income to qualify maybe?
Pulte was feasting well on harming a lot of people who could ill afford being taken advantage of. I always wondered how he stayed out of jail, but fat cats can afford good lawyers and politicians who accommodate.
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