Contractor Talk - Professional Construction and Remodeling Forum banner

41 - 44 of 44 Posts

·
Registered
Joined
·
120 Posts
Arizona, Nevada, and Florida led the charge down in the housing market, and there are still a lot of vacant houses here in Phoenix, particularly on the outer suburbs. Also, there are still a lot of people who've been just hanging out waiting for a foreclosure notice, living rent-free for months! The pace of foreclosures is only increasing, and I don't see enough buyers stepping up to justify much new construction here for at least five years:

http://www.businessweek.com/news/20...sures-climb-44-to-record-in-may-update1-.html

June 10 (Bloomberg) -- U.S. home foreclosures reached a record for the second consecutive month in May, with increases in every state, as lenders stepped up property seizures, according to RealtyTrac Inc.


I've been slammed with remodeling work since the beginning of the year, but it's only for folks in the upper income brackets. The other 95% of the population only has money to spend because they're not paying their mortgage, and they're definitely not spending it on a house they're about to get kicked out of... :thumbsup:
 

·
Registered
Joined
·
14 Posts
I find private remodeling business is way, way down starting in 2009. Mostly, I think, because a lot of work was financed by home equity loans, lines of credit and people taking cash out of their houses.

Well, that's over.

I think it will take several years for the economy to shake out. And only if we do something about jobs and low wages. Sending our jobs to Mexico, China and India affects everybody; not just those who lose those jobs.
 

·
Registered
Joined
·
37 Posts
when is the market going to turn around? iv been hoping for a cpl years now.i guess some one needs to call china and see if they are hiring.
 

·
Casey
Joined
·
39 Posts
I have 14 vacant lots ready to build in the Chicago area. Starting at $10.000 each. I want to sell half of them and they are listed in the MLS. So far not one buyer, even though I offered to finance the land myself. I was hoping 2010 would be better, but so far it is even worse. There is virtually no new homes being built in my area whatsoever. is it this bad in other cities?
I am interested in one of those $10,000 lots if you still have them. You say you will finance the lots your self? Are you still willing to do that?
 
41 - 44 of 44 Posts
Top