residential building

4 Stories

No Relief for Homeowners With Rotting Chinese Drywall

Many seek alternate shelter; others have to tough it out

(Newser) - Their homes stink like rotten eggs, appliances constantly malfunction, and anything metal turns black and corrodes, but the headaches (and other illnesses) don't end there for homeowners with Chinese drywall, reports the New York Times. Though thousands of lawsuits have been filed, insurance companies aren't paying, homebuilders largely aren't stepping... More »

Shanghai Building Collapses Intact

Construction worker killed trying to retrieve tools

(Newser) - A 13-story building under construction in Shanghai collapsed almost completely intact today, Reuters reports, killing a construction worker who entered the block of apartments to fetch his tools. The Chinese construction industry has been accused of dangerously shoddy work as the country rushes to build out its cities and infrastructure... More »

Mortgage Meltdown Hits Small Builders

Wave of bankruptcies could in turn weaken regional banks

(Newser) - The housing market collapse that's sending homeowners into foreclosure is starting to hit small- and medium-size builders left with developments they're unable to sell, the Wall Street Journal reports. Buyers are canceling contracts and builders are missing mortgage payments on often highly leveraged projects. Small regional banks, in turn, could... More »

Construction Spending Tumbles

Spending falls at fastest rate since 1994

(Newser) - Construction spending fell at its fastest rate in 14 years in January, the Commerce Department announced today, shattering expectations with a 1.7% drop. Analysts had expected just a 0.7% decline, the Wall Street Journal reports. Residential spending was the big drag, falling 2.9%, but non-residential spending was... More »

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