It's funny what people will cry over. For instance, The Washington Post reports that the buyer of an auctioned Ryland Group
A little further into the article, we find out the family was the only bidder. In other words, they should have been weeping tears of "we coulda paid less."
Or maybe they were weeping about the location. Unless I mistake Ryland's own directions, they seem to be talking about a community located within earshot of the busiest commuting highway in the D.C. area, in what looks like it was once a drainage ditch.
Good on the Post for blowing out the rest of the story with the truth about how awful the market has gotten in the supposedly setback-proof D.C. market. Ryland, which was forced to dump 140 homes this way, is only one of many trying anything to get houses off the books. Hovnanian Enterprises
At the time of publication, Seth Jayson, a top-ten CAPS player, had no positions in any company mentioned here. See his latest CAPS blog commentary here. View his stock holdings and Fool profile here. Fool rules are here.