surge

Housing-Market Surge Is Making the Cheapest Homes the Hottest

Housing-Market Surge Is Making the Cheapest Homes the Hottest

The red-hot U.S. housing market is giving an extra boost to the cheapest houses, including many in historically stagnant neighborhoods that have suffered from a lack of investment.

It is pushing forward efforts to revive the local economies of Detroit, Cleveland, Youngstown, Ohio, and other areas where homes can sell for as little as a few thousand dollars but typically require a lot of work to fix up and can’t be financed with a mortgage.

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New home sales surge to highest level since before the Great Recession

New home sales surge to highest level since before the Great Recession

‘Already, more new homes have sold in 2020 than did in all of 2019,’ one economist said

The numbers: Sales of new single-family homes in August exceeded an annual rate of 1 million for the first time since 2006, as buyers were forced into the market for newly-constructed properties thanks to the dearth of home listings.

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