Re:How China's “debt traps” work
by seanmcdirmid on Monday October 02, 2023 @04:00PM
(#37743664)
You can sign a contract to buy a house from a developer before it is built. No bank will give you a mortgage before the house is built (even if they give you pre-approval), but of course you could pay in cash if you had that and wanted to (taking risk that the builder might go out of business and you will be SOL).
Since most people buy homes with mortgages, most homes in the USA aren't bought before they are built.
Since most people buy homes with mortgages, most homes in the USA aren't bought before they are built.