You will not see a better buying opportunity than this - period. Like stocks, you want to buy low (buy on the fear as Buffett would say) and sell during prosperity. Unfortunately so many people (non-investors) do the exact opposite. Anyway - todays news............................
WASHINGTON (AP) -- The number of people who bought new homes fell for the third straight month in July, putting sales on track to finish this year as the worst on records dating back half a century.
Sales of new homes fell nearly 1 percent in July to a seasonally adjusted annual rate of 298,000, the Commerce Department said Tuesday. That's less than half the 700,000 that economists say represent a healthy market.
Housing remains the weakest part of the economy. Last year was the worst for new-home sales on records that go back nearly 50 years.
While new homes represent less than one-fifth of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs and $90,000 in taxes, according to the National Association of Home Builders.
Analysts said the report was further proof that the housing market is stuck in the doldrums.
The anemic growth rate of new homes being built is the most visible sign that the American economy is far from a roaring recovery. We just hope that in months to come, it's going to be Morning in America again.
ReplyDeleteWow.Nice blog.It seems that more real estate blogs have been writing about the basics of real estate and real estate news that are selling in the reader's tastes but I like your positive outlook for all this. I quite agree that everyone of us should think like an investor, especially in real estate decisions.
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I am browsing through the blog and find it interesting and there are many useful posts in the blog which are really worth reading and it is one of them.
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I read todays news that new home sales are down yet again and while the news is painful, the advise is the same. Now is the time to buy, you may have to wait a long long time to get an opportunity like this again.
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Informative post, and I love the title - As principal broker of my firm, I'm constantly telling my agents to think like an investor, it will help in all aspects of real estate. As far as the new homes sales, even though it is a low percentage of the overall housing market, I think it is important for adding jobs. Whether its a developer looking to do a new subdivision, or someone looking to build their dream home, I find the biggest problem is the financing of land sales for new construction homes, as well as the cost to build. People are finding it cheaper and easier to seek out newer built homes (3-6 yrs old), rather than go through with building a brand new home. Hopefully as time passes, things will start looking better for the new housing market.
ReplyDeleteInternational buyers stormed the American real estate market in 2011, taking advantage of low prices and a weak dollar. These are savy investors looking for profit. All told, they spent around $41 billion on property in the U.S. in the last 12 months. Get in the game. Call Kim at Rand Realty for Warwick NY Real Estate opportunities.
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