Horton, a major player in production-built housing, with locations all over the place, will hold auctions this weekend at all their projects with excess inventories of completed houses, townhomes, and condos.
Some of the price reductions (minimum opening bid) are marked down to HALF of what they had been carrying as a listing price.
HALF!
This was reported as part of a front page story in yesterday’s WSJ.
Replies
yeah it was the nightly news tonight..........
spec builders beware!
waiting on the revolution..............
Reminds me of the early 80's... the wheel just keeps on turning."Poor is not the person who has too little, but the person who craves more."...Seneca
From what I saw of DR Horton houses in Texas 1/2 off is still twice as much as their worth!
Doug
DR Horton houses in Texas
LoL!
I've had some faith i nthe house-buying public restored--the DRH storefront had to close due to lack of business here in town.Occupational hazard of my occupation not being around (sorry Bubba)
Used to work for them about 8 years ago, back then, was called " We R Hurting!" Did have a good benfit package though. Guess the bigger U-R the harder you fall!
I'm from the Northwest and they are relatively new to this area. They poured on some developments during the hot market.
I recalled visiting my wife's cousin in South Carolina a year or so earlier. She just moved into her Brand New DR Horton house. I noticed the walls were all done in a nice one coat of chaulky primer paint. You could still see the tape lines. That was just the low end of displeasure with their work.
Back home, I checked out one of their sites. It seemed like a car dealership. The models were okay but they always look good. I overheard a salesman reassuring a young single mother that the $450k minimum price tag was nothing to be weary of and he could get her into any of their homes. Of course he promised her the world with Interest only loan route. Two years later many of those completed homes are still listed.