Psst, Buddy! Wanna Buy a New House, Cheap?

Thursday, March 13, 2008 3:42 p.m. EDT

Rather than retain debt notes for unsold homes, developers across the country have started offering dramatic discounts on properties to entice buyers -– especially on high-end properties.
Developers in California, for instance, are offering 35 percent discounts on homes they had hoped to sell for a $1 million dollars or more.

"Scores of entrepreneurs are being affected by the credit crunch, especially real estate developers, which have large capital requirements and are struggling with high inventory levels amid the housing downturn,â€