I can only speak anecdotally and assume it's happening everywhere. I'm in the Midwest US. Banks themselves are building neighborhoods full of spec houses. Half

I can only speak anecdotally and assume it's happening everywhere. I'm in the Midwest US. Banks themselves are building neighborhoods full of spec houses. Half of them go empty because they're overpriced. A bunch of developments have stopped before being completely finished, presumably because they can't put up for sale in that condition, but they still contribute to the bank's assets. I can't say I understand the whole economics of it, but it's obvious something sketchy is happening.