One bright spot in real estate news: Apparently, new construction of homes has taken a big jump in February. Although the market is still tough for builders, it looks like the numbers are starting to turn around a bit.
New home construction rose 22% from January to February, and applications for building permits increased by 3%. Many builders still see a tough road ahead, but housing inventories have started to fall in many major metropolitan areas recently, making it a better time to bring new construction homes to market.
For buyers, new construction homes are a great way to take advantage of the real estate market right now. Builders need to move inventory and get onto their next projects. Many new construction homes are listed a large discounts right now, and may offer more value relative to resale homes.
With the $8,000 tax credit available to first time buyers and historically-low interest rates, it's really a "perfect storm" for first time buyers to buy a new construction home that they could not have afforded one or two years ago.
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