Home Construction Way Down for October
More bad news for new home sales here in the US of A unfortunately. The latest news shows that new home construction was way down from it’s usual number just this October. This was an estimated 15% drop from September home construction, which means the housing boom is definitely over and done with and needs new life breathed into it for us Americans.
This may have a domino effect on the economy as well, since new home builders and independent contractors are trying hard not to lose money in this barren time for new home sales. Might some of them be put through so much financial hardship that they have to claim bankruptcy?
It’s hard to say, but many new homebuilders are desperate for contracts and to sell homes on existing lots that have been purchased and alotted for new home construction. I told you a few months back how we were looking around at Ryan Homes, which is a contractor that builds on premade lots (what I did not like about them incidentally, although they are stunning homes). They even offered a good deal on a mortgage, but we had to pass it up unfortunately, just wasn’t the right time financially.
They were in such dire straits to sell a home it seemed, after we received several follow ups when we decided not to go with them, and got a definite feeling that desperation was playing a part in this development, since it seemed slow to fill up.
How long will this continue? It’s hard to say, but we can only hope it gets better, since home sales are a sure sign of a good economy and strong financial outlook.
