Great Park of Empty Homes?

According to the funny papers, the justification for tripling the number of homes in Irvine's Great Park is the tremendous demand for new homes. But this just came from the Orange County Business Journal e-mail alert. (We'd link you to the story, but those slick-haired OCBJ money-grubbers make you pay!):

PROFIT FALLS AT IRVINE HOMEBUILDER

Higher interest rates, more unsold homes, falling affordability and weaker home-buyer confidence contributed to a drop in profit at Irvine-based Standard Pacific Corp. in the second quarter.


This is also something to keep in mind when Chapman U's Doti and his cronies fill their sunny OC economic forecasts with dire warnings about a need to build still more new McMansions.

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