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  • California Housing Recovery? Not So Fast [View article]
    There is a big difference between the existing housing market and new housing. Homebuilders will not be building homes until the overall pricing moves to the positive. It is foolish to start building new homes that will sell for less money in 6 months. New starts and permits will continue to fall until the existing housing market turns positive for a while.

    I saw that builders took out a total of only 180 permits in Las Vegas for November. Builders there have been managing to sell 1,000 new homes a month even the tough 2008 environment. Homebuilders are close to an almost complete cessation of new home building. The smart ones are hoarding cash and either writing down or selling their real estate. Those that keep building are just throwing their cash in a hole.
    Dec 22 07:08 am |Rating: +2 0
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