New Homes Turning Old as the Inventory Piles Up

[profette_IHB]

"In its report on new-home sales in March, the Census Bureau said that 189,000 completed new homes were on the market and unsold. That number was down a bit from the peak of 198,000 reached this winter, but it remains far higher than in previous cycles.



It appears that many of the homes now being sold ? and there were 51,000 sold in the month, the lowest for any March since 1991 ? are coming from the supply of homes that are still being built or are newly completed. The median age of completed new homes on the market has risen to 7.4 months. Only four months ago, that figure was six months..." <a href="http://www.nytimes.com/2008/04/26/business/26charts.html?ref=business">linky</a>







<img src="http://graphics8.nytimes.com/images/2008/04/26/books/0426-biz-webCHARTS.gif" alt="" />

 

[lawyerliz_IHB]

Not a pretty picture. Talked to a realtor who is now selling cruises. He was telling me

of former million and 600,000 houses in South Florida selling 50 cents on the dollar.



I think all those towers will rot before anybody buys them (in Miami-

Dade County).

 

[freedomCM_IHB]

Is vandalism starting to be a problem for these new, empty houses in FLA? Squatters?

 

[lawyerliz_IHB]

What I've heard about so far is the depredations of nature. Empty house

with a small roof leak, turns into trashed house with collapsed room. No

mowing, frogs in the pools.



I'm sure there's vandalism too, but what I've heard of so far is neglect.



No additional street people yet. I'm surprised, actually. I guess people

are moving in with relatives.

 

[graphrix_IHB]

We really need that thank you button. Because then you wouldn't have to read... Mmmmm... chartpr0n is FTW!

 

[biscuitninja_IHB]

I think most of the squatters are in apartments instead of houses. It just depends upon where you are. I think Trooper would be able to help us out more.

-bix