First and foremost, I’ll be running the July numbers – how many houses came on the market, how many went under contract, how many sold and finally to throw a little wrench in the numbers – how many were either withdrawn or expired. All of these numbers will be framed to a small degree by the fact that there is no good way to track new construction, nor its impact on the Charlottesville market. More on this by Wednesday.
First, the home builders are still building too many housing units because that is the only way they can liquidate land and pay down debt. This overbuilding will extend the duration of the slump in new home construction.
Second, there is way too much home building capacity in the U.S., and competition will be fierce until enough home builders exit the business.
The answer to this reader question:
… so we are being told that we are in a “depressed housing market” … is this good or bad for a family that owns land and has waited a few yrs to begin the construction and construction loan process?
Real estate blogging’s accountability factor.
Yet another story on the importance of pictures, in addition to story tentatively titled, “The MLS is the limitation to marketing homes.”