ORLANDO, Fla. – June 17, 2010 – Florida, viewed by economists as a hot spot of the country's housing and mortgage meltdown, is having a pickup in builder interest and activity.
Sensing a pending recovery in some of the state's markets – including Orlando, Jacksonville, and Tampa – builders are amassing land at bargain prices and passing the savings on to buyers by developing subdivisions of smaller and less expensive houses. The trend sets home builders up to compete with banks that are trying to unload foreclosed properties.
While analysts previously believed that Florida would generate little new demand for housing for years, and that buyers would instead buy foreclosures at deep discounts, property agents note that purchasing real-estate-owned units from a bank has proven to be complicated, time-consuming, and more expensive than anticipated.
Source: Wall Street Journal (06/15/10) P. B6; Whelan, Robbie
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