Builder's

[one love]

This question is aimed to those who are familiar with the builder market whether by real estate or working this field one way or another. I live in an area that has boomed for 10 years and we sure have felt the impact of the slowing housing market. 3 years ago there were 8 buyers to every house and people were bidding $40,000 over asking price in many instances.
What has occured is builders that were building 50 houses started doubling loans and building 100. Those that built 100 went to 300 a year. Now we have houses sitting , empty lots that are not being built on and many "to quick to build" builders who cant pay there bills to companies that did the work for them nor the materials to build.
There are still a LOT of houses going up and I still hold many contracts even in new construction. I have seen that it is supposed to start getting better but no real evidence yet.
How is the market where you live? Please note the city you are in if you would.
Thanks

[Full Quiver]

Nashville & Middle TN

Slowing down but housing prices aren't so high here.

In some areas like Murfreesboro there are some empty houses but for the most part over building wasn't a prob.

Nashville is a small melting pot for the rest of the nation. It is not quite southern because so many people come here from everywhere else. With that being said my point is that people are constantly moving into the area instead of moving around within the area. Now in Davidson County, Nashville, people are moving out towards outlying and neighboring counties for nicer neighborhoods, more space, better schools, and less crime.

We are feeling the mortgage prob here also though. TOO MANY folks were given loans on homes they could not afford. Sadness!

[paul]

Inland Empire...Riverside/SanBenardino California

The inland empire was considered the fastest growing area in California and most of the nation for the past three years. due to the lack of available land in L.A. County and the cost. This area has been traditionaly a agracultural area ( groves and dairies) so there was a great deal of land available. Housing developments were going up everywhere.

Housing cost soared to almost 22% appreciation per year in our area. My home has more than trippled in the past 10 years. $139,000 to $465,000. In Southern Cal a home generally doubles every ten year.

Now many sights sit uncompleted. Huge developments that were started have been scaled back. Our local church was hit very hard. Many in the church were in the Mortgage end. Several were making as much as $15,000 monthly, now have no work at all. One friend who is a real estate agent has went to work at Wal-Mart. I have a good friend who owns a escrow company and has lost more than $300,000.

The average price for the homes here have dropped about 10-15%

[one love]

That is about what has happened here. About 5 years ag the houses almost doubled every year it was unreal. But now for sale signs every where, forclosures and those who took variable interest loans without realizing there payment would seriously increase beyond there ncome.

[Paully_44]

How is the market where you live? Please note the city you are in if you would.
Thanks

Seattle area. Slowing down dramatically. But then, when the average house is close to $450K outside the city and Condo's are close to $175K what did they expect?