Housing Giants - September 10, 2008 - (Page 9) Viewpoint have very little confidence in the economy! Mark Hodges, South Florida division president for K. Hovnanian Enterprises, has adopted a policy requiring buyers to close within 30 days of signing a sales contract. His goal is to sell all his existing inventory homes before taking any more contracts on to-be-built homes. “The reason so many buyers want to buy tobe-builts instead of standing inventory homes is that they’re hoping to use the nine months of lead time to clean up their credit. Even nine months later, a lot of them still walk away rather than close. That’s why cancellation rates are so high,” he says. “Builders in other parts of the country seem to be having some luck moving first-time buyers into FHA mortgages, but here in South Florida, the people who need that assistance have the least chance of qualifying for it. They have no cash and lots of debt. We try to qualify “we try to qualify people for fHa, but only about 10 percent of them make it.” — Mark Hodges people for FHA, but only about 10 percent of them make it,” Hodges says. He has a new program he calls “iDesign” that allows purchasers of inventory homes to change finishes and options in the homes, to put their own touch on the product, at Hovnanian’s expense. “It’s a perceived value, it’s working and it’s better than discounting the price,” Hodges says. HG more from Bill Bill thinks Kimball Hill Homes has a good chance at a comeback. Read more at his blog, Ear to the Ground. www.Housinggiants.com 9.10.08.Housing giants http://www.khov.com http://www.housingzone.com/blog/1360000536.html http://www.Housinggiants.com
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