[Hugh R]

If you're planning on buying, watch out for what are called "Mello-Roos" housing tracts. You have a debt for the roads and infrastructure tacked on to your taxes. The concept works well if Phases 1-5 actually get developed. If only Phases 1 and 2 get sold, but the infrastructure was built out for Phases 1-5 you could be on the hook for the rest of the Mello-Roos bonds. Lots of developments went bust in the 80's and lots of people saw their Mello-Roos go from say $500/month to $5,000/month; a lot of people walked on their homes, increasing the indebtness even more for those who remained, putting even more pressure on more people to bail.