One way to get rid of excess inventory

[Timber]

Renton just got rid of 500 apartments/condos that were close to entering the market.

http://seattletimes.nwsource.com/html/l ... re01m.html

[Hyperbola]

Note that supposedly the developer wants to rebuild everything. Being cynical, I would expect an about face along the lines of "We wanted to rebuild, but the permits/financing aren't good for long enough" and a quick scuttling of the whole project, coinciding with the covert lining of a few pockets.

[Hector]

I was about to post on the same topic. Either they are being covered more closely, or they are occuring more often, but there seems to a rash of these lately...