Home-building communities are trying to quell speculation in the housing market.
"Limits on resales, requirements that buyers live in their homes for a year, and mandatory profit sharing with the developers if a home is "flipped" are just some of the ways that home-building communities - and bankers tightening standards - are trying to quell speculation in the housing market. By taking off some of the froth, they hope to keep one of the greatest real estate markets in the nation's history from becoming one of the biggest busts.
...The lenders' caution coincides with some developers trying to cut down on speculative buying as well. For example, in Las Vegas, Arizona, California, and Florida, KB Home, one of the largest US home builders, is now inserting language into buyers' agreements that states the buyer must live in the home for one year and it must be their primary residence."
Thanks to Eliza Samueli
Read the full story: Developer tactics to avoid housing bust
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