Houston Building Projects Suffer In Credit Crunch
Just about every city is facing a building challenge these days. The Houston Chronicle recently rounded up a bunch of commercial real estate projects that have either been delayed or put on hold in the past six months. Part of the problem is finding financing. Banks are no longer willing to make big construction loans in this uncertain market, consumers are less likely to buy condos that they see are being riskier investments and it is harder for many to get mortgage approval. For Houston part of the problem is also the falling oil prices. Several of the developments that have been scrapped or delayed are luxury residential buildings as shown in the gallery below.
Gallery: Houston Building Projects