Word: unsold
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...already signs of how fragile the rebound truly is. The latest month-over-month data show sales have slowed in recent months despite low mortgage rates and the home-buyer tax-credit program. New and existing home sales fell 2.2% and 0.6% respectively from January to February, and unsold inventory rose 9.5% during the same period. Some of February's sluggishness could be explained by cold, snowy weather that blasted the Eastern seaboard, but the precise impact of this is hard to know...
...both former investment bankers, came up with the program after seeing sales grind to a halt on thousands of newly constructed and half-built single family homes and condos in markets such as Las Vegas, Phoenix and parts of Florida. The aim is to assist developers and homebuilders clear unsold inventory, which - at least theoretically - should then help to stabilize home prices industry-wide. (See the best business deals...
...South Florida, you have literally tens of thousands of unsold units and a lot of the biggest builders see this [program] as a significant marketing tool," says Herzberg. "It gives them a huge competitive advantage in a very crowded marketplace...
...halt to sales is forcing Toyota to suspend production at five plants, idling more than 20,000 workers and leaving 1,200 Toyota dealers sitting with roughly 250,000 unsold - and for now, unsalable - vehicles worth nearly $50 billion. Jesse Toprak, an analyst with TrueCar.com, says Toyota will probably have to help the dealers finance the inventory as the sales freeze continues...
...already having an impact. In Britain, big supermarkets send unsold and expired meat to companies that convert it into fuel to heat homes. Since 2001, the German biofuel company Saria takes greasy animal fats and cooking oil from caterers and restaurants and then turns it into renewable energy used for power stations and manufacturing plants. Saria found using animal oil instead of vegetable oil is not only a cheaper alternative, but it also produces less harmful emissions, delivers better engine efficiency and reduces noise pollution...