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A big part of this is simply that there are so many existing houses on the market that can be had for cheap many people are buying them instead of building new.
Of course the shitting economy, high unemployment rate and that fact that many people who own their homes now and would like to sell it and move/buy or build a new place can't because they are upside down in the mortgage.
It is very much a buyer's market out there. A friend of mine just bought a house for $140K that four years ago sold to the previous owner for $250K.
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