Read the fine print...

From the Asbury Park Press in New Jersey, we have Housing Bust.

Kara Homes Inc., one of the biggest home builders in Monmouth and Ocean counties, has filed for protection from creditors under the bankruptcy laws.

Middletown resident Gina Haspilaire and her husband, Richard, have been waiting to move into their home at Cottage Gate at Navesink in Middletown since March 2005. The home's delivery date kept being delayed, Gina Haspilaire said.

Now the couple want Kara to return their deposit, which is about $125,000, she said. The couple used money saved for their son's college education to pay for the downpayment, figuring they would replace it with money from the sale of their existing home.

"When we did this, my son had two more years to finish high school," Haspilaire said. "Now we can't sell our house, and they won't give us back the money."

They don't want the house, which is completed but without a certificate of occupancy. She said she believes the contract was voided because the home wasn't delivered on time.

Wow, so much stupidity, so little time...

You gambled with your son's college fund two years before he starts?

Secondly, you can "believe" that the contract is voided but chances are it's not. Any smart builder will have builtin contingency clauses (and remember! the "crooked" builders are always smart.)

Also, that's precisely the risk in pre-construction. You takes your chances, and you pays the price.

Yep, this may be a housing bust but it's a full-blown bull market in stupidity!