Local builders find few looking to buy new homes

By Jim Wasserman - jwasserman@sacbee.com Published 12:00 am PDT Friday, October 10, 2008 Story appeared in OUR REGION section, Page B1 Thanks to deep discounts on repossessed homes, the summer season's existing home sales have been somewhat upbeat. Falling prices have boosted sales throughout the region above last year's levels. Not so for new homes. Sacramento-area homebuilders are still in a tailspin, having to compete with banks that are slashing prices on thousands of foreclosed properties. During the just-finished third quarter, builders sold 1,204 homes, the lowest quarter since the Folsom-based Gregory Group began tracking numbers in 1999. The firm counts sales in El Dorado, Placer, Sacramento, Sutter, Yolo and Yuba counties. The local homebuilding industry, dominated now by Wall Street giants, attracted almost 20... [read full story]