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Sign into your accountReal Estate Around the Nation
April 14 2016
Home building has been the last area of the real estate market to recover from the recession. Generally, it's believed that builders were hit the hardest during the recession. Many builders use leverage to purchase land and take loans for home building. When the investment market for these loans dried up and the value of the land collapsed, many were forced to downsize, cease operations or, in some cases, shutter everything.
Coming out of the recession, builders have been slow to get started. It took a number of years for the market to work through the distressed and bank owned properties. Meanwhile, population growth continues in America and lack of inventory remains a key issue. Last month, CoreLogic reported that about 1.7% of homes are for sale. This is about half of the normal inventory amount. The lack of inventory is driving transaction prices up even as unit volume remains steady.
Home builders play a key role in supplying inventory to the market. Here are the home builder stats around the nation for March.