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Nobody Home

September 6, 2010

Homebuilders have apparently been living in caves in Bora Bora with their heads in the sand. So, for their benefit, I will state the obvious. The housing bubble has burst. The mortgage industry has melted down. Home loans are almost impossible to get. There is a glut of unsold new homes. 1.2 million homes have been foreclosed upon and remain unsold. 1 in 10 current homeowners are at risk of foreclosure in the next year. The sale of existing homes is at an all-time low. The unemployment rate remains stuck at 10%. YET, homebuilders are still building new homes and wondering why they’re not selling. DUH!!!

Granted, homebuilders are just doing what they’re in business to do, but their services are no longer required. It may take years or even decades before the current over-supply of housing is sold and more housing is needed. By that time, the type of houses being built today may no longer be desirable. People will be demanding smaller, cheaper, more energy-efficient and self-sustainable homes made from revolutionary new materials. Then again, if the economy doesn’t improve, we could all be living in cardboard boxes.

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