I’ve heard stories like the following;
Developer builds 200 (pick a number)houses and sells them, most to people who use a 2/28 to buy them.
Many of these buyers later find themselves trapped and vacate, or worse, squat on the property.
Some buyers leave, but not before stripping the property (appliances, primarily).
Now you have a development where 1/3 of the properties are vacant or for sale, an indeterminant number of properties are vacant AND damaged, and the rest of the people are freaked out.
Oh, and loans are kind of tough to get.
Ugly.
This reminds me of the Condo boom of the late 80’s.
My built a house and supervised closely. Even so, mother said it always takes a year to fix the glitches. Most of the foreclosures must be on speculators who bought to flip. Otherwise we would be flooded with sad sack stories.