Urban Fold

Amid Down Market, Developers Try Harder to Lure Homebuyers

Single family home sales are down in the U.S., which is driving some developers to try to spice up their deals by offering incentives like new cars with purchase.

"Sales of new single-family homes in February were down more than 80 percent from the 2005 peak, far exceeding the 28 percent drop in existing home sales. New single-family sales are now lower than at any point since the data was first collected in 1963, when the nation had 120 million fewer residents.

Builders and analysts say a long-term shift in behavior seems to be under way. Instead of wanting the biggest and the newest, even if it requires a long commute, buyers now demand something smaller, cheaper and, thanks to $4-a-gallon gas, as close to their jobs as possible. That often means buying a home out of foreclosure from a bank."

About 40% of all existing home sales in the U.S. are foreclosures.

Full Story: Builders of New Homes Seeing No Sign of Recovery

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