Welcome news to ME!

It was welcome news this morning to see that new-home construction had slowed to its lowest pace in 17 years. Although this hurts some in the construction industry, this is the only way to continue the correction the market is experiencing and liquidate the existing inventory.

In Auburn, AL we have such an influx of new construction and we've seen many builders take the hit. We still have a strong market, but to see new homes remain empty for so long hurts everyone.

I have a good feeling about this....could this be the point where the housing economy turns around?

 

 

4 Comments on Welcome news to me!

Karol, it wasn't good for me as a pastbuilder in a family business that was around for 46 years. Every time a builder falls it means a lot of job loss which equates to less buyers for homes in the future. Hopefully it will make the turn soon for the survivors.

07/17/2008 08:58 AM by * Rate A Home (Rate A Home)


God only knows, but it definitely is a good indicator, or at worst, a good "feel good" blip during this transition....welcome to AR Karol.

07/17/2008 09:00 AM by Larry Bettag - Cherry Creek Mortgage


Hi Karol,
I understand your point, inventories are very high.  My family has been the construction/development business for over 40 years and it is a very difficult time for this business.  The cost of materials and supplies continue to rise and fuel surcharges are added to everything but the selling prices are falling. 

07/17/2008 09:12 AM by Cynthia Tilghman, RealtorĀ® Onslow County NC Home Specialist (Kingsbridge Realty, Inc)


Hello, welcome to Active Rain! This seems like a wonderful environment to network as well as learn from others. I hope you enjoy yourself and participate often in the Active Rain environment!

07/18/2008 11:43 AM by Lorena Westervelt (Van West Enterprises, LLC)


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Real Estate Agent: Karol Kirby (First Realty)
Karol Kirby
Auburn, AL
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