From Realtor Magazine Online, Daily Real Estate News June 4, 2009
Some brave home builders are back building spec homes, something they had all but stopped doing as the market slowed.
D.R. Horton Inc. had about 5,500 speculative homes at the end of the second quarter. Pulte Homes Inc., had about 2,400 spec homes at the end of the first quarter. Both are well above the industry average of 1,388 spec homes, according to a May report from J. P. Morgan.
"We went from having way too much inventory, to liquidating all that, to now being back in a situation where you've got to build some inventory or risk losing sales," says Brent Anderson, vice president of investor relations for Meritage Homes Corp.
Source: The Wall Street Journal, Dawn Wotapka (06/03/2009)
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