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Blogs Lynn's Blog Real Estate Market Improves as Home Builders Buy Land

Posted Apr 21, 2010 2:09 pm (11 years ago)

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According to the Wall Street Journal, "In Arizona and across the U.S., home builders are battling to acquire land in preparation for ramping up home construction."  This is certainly true in Gilbert, AZ where Putle, the nations largest builder, beat out 6 other bidders to purchase land.  The valley of the sun has not seen this kind of activity in the real estate market since 2006.  And, money does not seem to be a problem for some home builders like Pulte, KB Home, and Toll Brothers, who report more than $! billion in cash.  Sixteen other home builders estimate they are owed tax refunds totaling more than $2.6 billion, due to the economic stimulus bill.  Standard Pacific plans to spend as much as $400 million on land deals this year, according to the Wall Street Journal.  A rise in land purchases marks a shift from the downturn, when home builders stopped development and liquidated land for pennies on the dollar. 

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