New Construction sales lowest since 1963, yet there are 120 Million MORE people in this country.
Minneapolis, MN: New construction has basically come to a crawl, as American pass on new construction and instead buy existing homes.
In 1963, there were 560,000 new construction homes, and 190 million people in the country. In 2011, only 323,000 new construction homes were sold, yet the countries population is now 310 Million, a gain of $120 million people.
There are many reasons, including the fact that new homes now cost about 30% more than the average exiting home. This is mostly due to the depressed price of a foreclosed home.
(C) 2011 - Joe Metzler - Mortgages Unlimited, St Paul, MN #274132. Re-blog but do not steal!