Do yourself a favor and read the cover story in the latest edition of BusinessWeek. It’s called “That Sinking Feeling: As builders slash prices, homeowners are getting slammed.” It’s by Mara Der Hovanesian and my fellow Hot Property blogger, Chris Palmeri.
Slashing prices may be necessary to eliminate the backlog of unsold houses. But people who bought before the price cuts are feeling like chumps. A great story.
Mara and Chris were early to pick up on this trend. I just got an email today from real estate agent and blogger Frank Borges LLosa in northern Virginia, who has seen it happening in his area. Here’s a link to his blog.