This week the homebuilder Lennar announced its purchase of 120 home sites at The Cascades in the Southern Hills Plantation community in Brooksville, Fl.  A spokesman for the developer stated that some buyers have come to the conclusion that there is value out there again in the housing market.  In the last 6 months, The Cascades developer purchased 23 foreclosed properties and sold 13 of them. They took that as an early sign of housing market recovery.  Lennar is also a builder inside the Avalon community, located on County Line Road, which looked like a ghost town the last time I drove thru.

There are countless foreclosed homes in my neighborhood, the closest one being right next door to me. The last thing I think I would want to do in this market is a new build when the market is flooded with foreclosures.  If I were in the market for a new home, I would contact a realtor and take advantage of the slew of foreclosed homes that are sitting vacant.  It may not be new construction, but it would be new to me.  The foreclosure next to my home is only 4 years old.  I shudder to think what a buyer is going to be able to snag it for.