Interesting news being bandied about in financial circles concerns Taylor Morrison, one of the largest national home builders in the state of Texas. It seems that because of how bad the U.S. housing market has been over the last few years they’re thinking about leaving the United States and selling their interests here, since their corporate offices are based in the U.K. This would affect home building in other states as well, including California, Arizona, Colorado, and Florida.
At the same time that news is spreading, you see Taylor Morrison expanding home building in areas throughout Texas. Their most recent announcement concerns the Crystal Falls area in Leander, where supposedly they will be building 1,200 homes in that community across 400 acres of land. It’s using its own money to do this since it’s become harder for them, as well as home buyers, to obtain loans in this economy.
It’s unsure what this could do to Texas overall, but Austin has been the biggest beneficiary of Taylor Morrison’s home building, even during the tough times, and though there are other home builders, none are as large or action oriented as they’ve been. This could mean a slow down of home building at some point, since the homes mentioned above won’t begin construction until the spring of 2011. Who knows, maybe the company that ends up buying them will stay as aggressive in the Austin market. One can only hope.
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Mitch writes on real estate, finance, and many other things.