The National Association of Homebuilders (NAHB) is meeting this week in Orlando Flrida. They are concerned about markets such as Las Vegas, Phoenix, Orlando, Miami and San Diego where investors accounted for more than 25% of the total sales in those markets. Nationwide, investors accounted for 20% of all sales. Home Builders Predict Housing Slowdown.Particulary troubling could be upscale home and condominuims, according to NAHB. Investors started pulling back in the 4th quarter of 2005.
The fear is investors will choose to sell properties or pull-out of existing contracts, which could lead to over supply and put pressure on prices. Investors have left the real estate market and gone back into other things, like the stock market and commodities.
We’ll be sure to keep you posted on what changes if any are in stor for Lee County and the Southwest Florida real estate market.