In many markets, home builders are in direct competition with foreclosures. A lot of which tend to be a new construction. Given the money laid out to build, prices can only be cut so far. Bernard Markstein of the National Association of Home Builders, said that though it's a short sale being a foreclosed home, appraisers have not been adjusting. THey believe that recovery is what will have to be the settling issue, even though there are visible bumps that lay ahead in the road.
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