Thursday, August 12, 2010

Builders and the 55+ Market - 2nd Quarter Report

Our area of New Jersey has several high quality "retirement communities" so this report on builder confidence does have some relevance to our real estate market.

According to new data from the National Association of Home Builders' (NAHB) 55+ Housing Market Index (55+ HMI), a quarterly survey of the association's builder members in the mature-market housing market, builder confidence retreated during the 2010 second quarter.

"The same factors that affect activity in the overall housing market - including hesitant home buyers, tight consumer credit, and continuing competition from foreclosed and distressed properties - are having an impact on the 55+ segment of the market, which remains stalled in most regions," says NAHB's Chief Economist, David Crowe. "In spite of the recent flurry of home-buying activity tied to the home buyer tax credit, many older homeowners continue to have difficulty selling their existing homes, causing them to postpone plans to look for a home that offers reduced maintenance or is otherwise more appropriately designed to accommodate their current lifestyles."

The 55+ multifamily condo index continued to record the lowest values, with a drop of five points over the previous year's second quarter, reflecting drops in current sales, expected sales, and traffic from prospective buyers.

If you are interested in finding new construction in a 55+ community, call or email.  I'm up to date on all new housing here in Mercer County and surrounding areas.

Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist

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