[Developers were building more homes than there was a demand for.]
Uhuh.
Because, like the rest of the thieves riding in the sub-prime jackwagon - the Ponzi-scheme developers evidently believed they had a direct line to the teats of the fraudulently manufactured Long Horned RINOcRAT Cash-cow:
"Ooops"
A Republic is a system, of governance characterized by the Rule of Law; and when the Law fails, the Republic fails.
Where's LEO and RICO, RINOs?
There was plenty of demand thanks to subprime mortgages given to anybody with a pulse. They wouldn't have built them if thousands of people a month weren't pouring into the state. Those people however couldn't afford a lot for a dilapidated trailer much less the houses the crooked bankers were installing them in.
And those people are now moving to Texas, congratulations.