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Residential developers, during the boom, built, sold, and then built some more. Now they’re taking a welcome breather.
The new home inventory is the lowest it has been since August 2004, according to a new Census Bureau report. Unfortunately, new home sales dropped 11.5% to a 17-year low in August. The supply of homes at the current feeble sales pace dropped to a 10.3 months supply in August from 10.9 months in July.
This graph from the Businomics Blog gives you a good picture of the dramatic rise and fall of new construction.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.