Builders developing ‘green’ houses to compete with foreclosed properties

Builders are making In an effort to compete with the increased number of foreclosed properties on the market, more builders are now constructing “green” homes that have energy-saving features, Bloomberg reports.As more prospective homeowners enter the real estate market, the number of low-priced existing homes, which includes foreclosures, become more attractive. However, the “profit-pinching environment standards” featured in the new green homes could divert some of this attention.Some of the new amenities featured in these green homes are low-flow toilets and paid-for inspections.West Texas homebuyers are less interested in green homes, however, as property sales are stronger and energy costs are lower.”If I can do something that does increase the cost and the buyer can recover the money in two years, I'm game,” Ron Betenbough, who has sold about 250 green homes, told the news source. “If it takes 10 years, you've lost me. Most people don’t live in a home that long.”According to the article, green home sales accounted for 16 percent of the homebuilding industry during 2010.With the Houston real estate market remaining healthy, green homes might not be as lucrative, however. The region's number of foreclosures has fallen lately. During May, 19.8 percent of all home sales involved distressed properties, down from 22 percent in April and 23.5 percent in March.Courtesy of 2M Realty News

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