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The Commerce Department released the statistics for new home starts and permits this morning:
Of permits they said:
Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,501,000. This is 3.0 percent (±1.3%) above the revised April rate of 1,457,000, but is 21.7 percent (±1.3%) below the revised May 2006 estimate of 1,918,000.
According to Yahoo Finance:
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As always, thanks to L for forwarding me his bulk email! Among last week’s collection of get rich quick seminars and Costa Rican condos was an ad for this auction:
One of our regular posters, SteveC, attended the auction and sent us his report. If you are thinking you will read a tale of buyers picking up properties for pennies on the dollar, think again:
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Pulte wants to move inventory, and says they are willing to cut prices 10% to do it. [Hat tip to L!]
According to their website, the 10% is available in most markets, but there are variations. For California markets and Reno, they said they are offering $10M in incentives, whatever that means. In Jacksonville they are offering $10K to $110K off select homes. In the areas I checked, [I didn’t look at them all, Pulte’s in a lot of markets.] it looked like the smallest discount offered was for the D.C. and NY metro areas, where Pulte is offering a $10K coupon and $10K toward closing costs.
