Land Boom, Now $6âBillion Industry, Often Exploits Gullible City Dweller
Nationwide land boom has made land developments a $6âbillion indus this yr and while most developers are ethical some unscrupulous ones exploit the everâincreasing number of city dwellers eager to own retirement or vacation homes; Office of Interstate Land Sales Registration, div of HUD which enforces Fed Full Disclosure Act of 1968, has been receiving over 200 complaints per week from unhappy buyers and has begun natl crackdown on unethical sales practices; G Bernstein, office admr, has begun holding public hearings in major cities throughout US to uncover fraudulent operations and to teach potential buyers that they can obtain a property rept from HUD or the developer giving details on shortcomings as well as advantages of property they are considering; some of abuses perpetrated on gullible buyers are described