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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
National Real Estate Update - New Home Starts
Posted on 09/19/2006 00:00 AM | Link | Post Comment
U.S. August housing starts fell six percent
, from
MSNBC.com
, reports that the Commerce Department said U.S. housing starts fell 6.0 percent in August to an annual pace of 1.665 million units, compared to a downwardly revised 1.772 million in July. Compared to a year earlier, August housing starts were down 19.8 percent from the August 2005 pace of 2.075 million units. Permits for future groundbreaking, an indicator of builder confidence, fell 2.3 percent to a 1.722 million-unit annual pace, the lowest in four years. The report came a day after an industry survey showed that home builder optimism sank for the eight straight month in September to its lowest level in more than 15-years.
Home builder sentiment sinks again in September, from the USA TODAY , reports that home builder optimism fell for the eight straight month in September to the lowest level in more than 15 years, as builders work out a backlog of unsold homes, according to the National Association of Home Builders. "It's about a degree of oversupply and how builders will work it down," including cutbacks on new construction, said NAHB Chief Economist David Seiders. Many buyers on the sidelines are unmoved by "substantial incentives", so price cuts are becoming more frequent, he said. Builders continued to report increases in cancellations of sales contracts and inventories of unsold homes. Inventories of existing homes have risen 40% over the past year to 3.86 million units, or a 7.3 month's supply at the current sales pace, according to the National Association of Realtors. House prices are expected to be flat in coming months and declines are a "distinct possibility", Seiders added. From Barry Ritholtz , The Big Picture.
To Get You Into a New House,Builders Help Sell the Old One
Developers have a new trick to try to sell you a new place: They will help you get rid of the one you have now. Some firms will pay part of the price to 'stage' your home to lure buyers; while others may cover some of your mortgage costs.
Home builder sentiment sinks again in September, from the USA TODAY , reports that home builder optimism fell for the eight straight month in September to the lowest level in more than 15 years, as builders work out a backlog of unsold homes, according to the National Association of Home Builders. "It's about a degree of oversupply and how builders will work it down," including cutbacks on new construction, said NAHB Chief Economist David Seiders. Many buyers on the sidelines are unmoved by "substantial incentives", so price cuts are becoming more frequent, he said. Builders continued to report increases in cancellations of sales contracts and inventories of unsold homes. Inventories of existing homes have risen 40% over the past year to 3.86 million units, or a 7.3 month's supply at the current sales pace, according to the National Association of Realtors. House prices are expected to be flat in coming months and declines are a "distinct possibility", Seiders added. From Barry Ritholtz , The Big Picture.
To Get You Into a New House,Builders Help Sell the Old One
Developers have a new trick to try to sell you a new place: They will help you get rid of the one you have now. Some firms will pay part of the price to 'stage' your home to lure buyers; while others may cover some of your mortgage costs.
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