Tuesday, May 30, 2006

Escaping Sacramento, Major Homebuilders Rush for the Exits

Apparently Centex is not the only homebuilder backing away from the Sacramento real estate market.

Area builders are scaling back amid a glut of existing homes for sale and rising interest rates, among other reasons. Roseville-based homebuilder consultant John Schleimer said builders have begun backing out of land deals just as buyers are backing out of new homes. "I don't know of a major homebuilder who is not in renegotiations or didn't walk away from lots in the last three months," said Schleimer, owner of Market Perspectives.

1 comment:

tom stone said...

yep,lots of price reductions too,sf chronicle had one developer offering $100k k off in all 12 developments ,nice ad,wish the paper was more absorbent.i think it was discovery homes...my immediate thought was "i'm not sure it will be a pleasant discovery"