US builders forced to sell off holdings
VIa: FT.com
For decades American builders have, in the words of the Joni Mitchell song, “paved paradise and put up a parking lot”. Now, a combination of the housing slump, the energy crisis and soaring prices for food is helping to keep the bulldozers at bay.
Demand for new homes on the outskirts of US towns has fallen spectacularly in the last three years, while foreclosures and speculative building have created a far greater supply of homes than there are buyers. At the same time, soaring fuel costs have made the long commute to work that much less attractive.
The result is that farmland close to cities that has often been the seedbed for new housing developments is becoming less valuable to builders, at the same time as farmers want more of it.
As residential opportunities drain away, builders are seeking ways to cut their losses. In areas on the outer edge of suburbs this can also mean looking to sell to farmers and farm investors.
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