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New Construction : Slowing or growing?

Posted on November 10, 2007 | Filed Under Real Estate News

The Roanoke Times recently published an article giving a cursory look over new home construction in Salem.

The national housing market has been described as slow, gloomy and in crisis. But in Salem, things are booming.

Now that makes the new construction market sound just peachy. The problem with making as assertion like that is it’s not true. Yes, builders are continuing to frantically build new neighborhoods all over the Roanoke and Salem markets, but that doesn’t indicate a healthy market. These builders are already committed to these new developments and financially enmeshed with them and it’s prudent for them to continue but where will the buyers come from?

“There’s a misconception that we’re in a doom-and-gloom market,” Hendrickson said.”

I hope they’re misquoting this guy because it seems to me to be a very ‘head-in-the-sand’ statement to suggest the market hasn’t turned for the worse in the past few months.