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St Louis Mortgage Broker and Refinance News: Why New Homes Are Not Selling
St Louis Home Mortgage and Commercial Loans | Principal Loan Reduction
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Reduction

There has been a major change in the real estate market. Once a common home buyer's dream, new homes have lost much of their appeal.

The leading choice has become fixer-uppers and foreclosures which has captured the buyers' attention, creating a window of opportunity for those still looking for new construction according to St Louis loan mortgage experts.

While the real estate market has struggled across the board, new homes have been hit

harder than ever before.

Existing home sales are down about 3 percent in the last year, according to the latest data from the National Association of Realtors.

That doesn't even come close to the drop in new home sales, which have fallen a whopping 28 percent, according to the U.S. Census.

To some extent, existing homes have always recovered before new construction, but analysts say this situation is so extreme that it could delay a meaningful recovery for the new-home market by two more years.

'It's not looking promising for new housing,' says John Vogel, adjunct professor of real estate at Dartmouth's Tuck School of Business.

The main reason for the discrepancy is quite clear according to NAR experts: New homes are currently 29 percent more expensive than existing homes, about double the typical margin.

At the same time, there are some surprising discounts in the existing home market especially when it comes to foreclosures and short sales.

They have accounted for nearly 40 percent of all sales in February 2011 where in 2010, they accounted for 25 percent of all sales, according to RealtyTrac.com.

But a shift in consumer psychology has also hurt new home sales.

Pre-recession buyers expected high-end appliances and fancy counter-tops, and builders delivered.

"Now consumers are more enthusiastic about a home that's easier and cheaper to maintain," says Vogel.

For many buyers, that includes smaller rooms which is a rarity in homes built during the real estate boom. They are more affordable to heat or cool.

More buyers are also looking to live in or near a city where relatively fewer new homes exist for reasons to be closer to their job and to spend less on gasoline costs.

And it seems that this trend will not be reversing itself any time soon.

In spite of the lagging sales, new home prices are still expected to rise by nearly 1 percent this year, according to the NAR.

Builders have all but stopped building, says David Crowe, chief economist at the National Association of Home Builders, and supply is dwindling.

Nationally, there are around 186,000 new homes on the market right now, the lowest since 1967.

But the negative impact is that builders who want to build new homes may not be able to get financing.

Only 19 percent of builders are shopping for loans which is down considerably from the 80 percent pre-recession, Crowe says.

But there's are also bright spots for buyers. Builders who are eager to sell are unloading homes for less than the cost of building the house.

"Though limited in number, that's mostly happening in the hardest hit states of Arizona, California, Florida and Nevada," says Crowe, "and often because the builder's loan for that property has come due."

He concludes: "Buyers in these markets could end up with a new home for a price close to that of the fixer-upper down the street."

Contributions by the Wall Street Journal

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Articles and News Sponsored by Liberty Lending Consultants

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