Builders are also offering $20,000 toward your down payment, and it really isn't working. These houses have not sold in the several months that we've lived here. A few people are buying, but very few. One person I know recently bought a new house had his moving expenses paid by the builder.
Banks are not handing out loans like they used to, so people aren't able to buy. Very few people in this area have the income or down payment to qualify at this time.
Very sad all around.
I feel bad for the real people this is affecting. Not the greedy investor types.