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Homebuilders' confidence in the housing market again plunged
NEW YORK (CNNMoney.com) -- Homebuilders' confidence in the housing market again plunged to a record low, dragged down by poor financial market conditions, rising unemployment and consumer anxiety, a trade group said Tuesday.
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12-02-2008, 07:32 PM #2
Condominium
- Join Date
- May 2007
- Location
- Minneapolis, MN
- Posts
- 138
The market just doesn't make sense for homebuilders right now with all the existing inventory plumetting in value. If I build a new home today for $600k by the time it's finished I couldn't sell it for more than $450k. It's going to take a long time before the market makes sense again for buidlers. For starters the price of materials needs to come back down and that's unlikely to happen
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