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Bloomberg Article on National Problem of Construction Defects
Bloomberg News recently published an enlightening article about the national problem related to defective construction. The article can be found here http://www.bloomberg.com/news/2011-02-10/homebuilder-shares-undermined-by-creeping-costs-of-construction-boom-flaws.html. Bloomberg notes that between 2000 and 2005, the country added nearly ten million new apartments, condominiums, and other housing units, and the continued repair bills that builders and developers face for defective construction will likely be a problem for years to come. Many of the building problems relate to water intrusion. Other common problems include soil subsidence, soil movement due to expansive soils, and problems related to corroded soils or sulfates attacking concrete. The article speculates that in many areas of the country, the "peak" of claims related to construction defect problems may be years away.
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