I was noticing an article in the LA Times about some homeowners in Sacramento who are suing Lennar homes for pulling out of a development and leaving them 15 minutes away from services like gasoline and groceries that were promised as part of the development. The name of the subdivision is Plumas Lake.
It will be interesting to see if this lawsuit is dismissed. I definitely feel for the homeowners. I just don't know if the courts could force them to build out the community and take a loss. The other option in the homeowners view that would seem to make this right is to give the homeowners their money back for the homes if they paid too much.
Lennar is simply not rich enough to start paying homeowners back for lost equity even if they wanted to.
It will be interesting to watch.
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