Building of new homes is certainly slowing down around here. You use to have to get on a wait list for getting a basement poured, now they are out there in a few days.
We talked to the engineer at the power company and he says very few houses are getting started.
We talked to the guy in charge of the building dept. and no one is pulling permits to build spec houses right now.
There are over 700 homes sitting on the market in this county, and we only have a population of about 19,000. We have so many friends who are sitting on and paying interest every month on their spec house.
We have been so fortunate. We have decided to take a break from building spec houses until things pick back up. We are starting two homes for customers that will take over a year to build, plus we are talking to another couple on Synday. If they can wait a year, we will take on their house too.
So, we should be fine.
In the meantime the cash we have accumulated to build the next house will be sitting in the bank earning 5.25% interest.
Building is slowing down
August 3rd, 2007 at 03:16 pm
August 3rd, 2007 at 05:06 pm 1186160784
I'm glad that you guys are covered against such a situation.
August 4th, 2007 at 12:39 am 1186187965