Tough Times for New Home Construction
Just as home sales are beginning to trend up, it appears that new home construction is slowing in the current economy. Even the number of building permit requests are declining. As we look to how the new year will change our current situation, the new homebuyer tax credit could make a dent in the need for new home construction, or we could be facing another construction stand-still as we did in the 1980s.
Betty Jung shares some information on the topic.
“Nationwide housing production fell in October as builders awaited word on whether an important home buyer incentive would be extended.
There was also a recent story indicating that lumber prices have increased although housing construction is still down near World War II levels. Although sales are trending up, builders are still struggling to close sales.”
In this unstable market, REALTORS® have to work harder than ever to make those all-important sales. And for homebuyers looking for a new home, that job continues to get even more difficult as new home construction is drying up.
Click through to read Betty Jung’s blog.
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December 10 2009 10:09 pm | Real Estate News