Home Builders on Survival Mode
The millions of existing homes and foreclosures that are currently in the market selling for big discounts have directly affected sales of new homes this year. Annual sales rate of newly-built homes in July was at 298,000 units and are expecting to post its lowest sales at the end of this year since began recording in 1663. Newly-built houses sales peaked in 2008 which logged 1.3 million units sold.For them to survive in the tragic disaster that badly hit the housing industry. Some builders are cutting off man powers and shrinking their products to compete with discounted properties. Others are looking some ways to stay alive in the business by building new condos in urban areas which they believe soon will become a good source of business.
Source: online.wsj.com “, Some Home Builders Run Out of Lifelines”View my Homes for Sale in Bountiful Utah blog to see more updated real estate news, housing market conditions and the latest homes for sale added in the listings.
