There may be a few shady contractors out there but the reality is that there are several factors that contribute to the half built construction projects. Could be mortgage industry related...could be due to the leveling market...or any combination of these. Bottom line...yes you should be careful but it isn't just Alb.

I doubt it is specifically this city... thing is as a contractor you are given draws as you build, these are HUGE checks, and the state has poor regulation on how these are handled. So you are Joe Contractor, and a little short on the mortgage, but you have a 10k check in the bank for the project you are working on... what do you do?

Another major problem, as far as half-finished homes is the same situation but the owner/builder gets the draws. We can afford a vacation!!

Not exactly a scientific answer, but I've seen it over and over.

If you are considering building, make sure you use a reputable builder/contractor. Check their name with the better business bureau, and verify the references. If you are going to build yourself, don't blow your draw checks!