As a Realtor, we are continuously are getting email updates from the new development sales offices. This morning's email was no different with one exception.
The sales representative gave a quick run down for existing inventory and current deals - not that many by the way - but the last line in his list said "Building 4 Single Family and 6 more Carriage Homes for seasonal inventory" - spec homes! (From a large, nationwide publicly held developer.)
BUILDING HOMES FOR INVENTORY!
I didn't expect to see that this soon but, in retrospect it's not too surprising. I routinely call around on behalf of my customers looking for deals on standing inventory - leftovers and cancellations. As of late, the responses have been not much to choose from.
Am I reading the tea leaves? You bet! But this type of anecdotal information as well as the hard data that I routinely report on makes it clear me. What do you think?
I believe this is from Warren Buffet, surely modified somewhat..."By the time you see the bandwagon, it's too late."
This is yet another testament to the housing market recovery.
I agree Bob. The developers seem to be back in action in my area as well - their advertising and promotion are definitely increasing.