Why Builders And Private Investors Bet On Spec Houses

Spec -- short for speculation -- builders put up new individual single-family homes and then sell them. In recent months, spec building has been ramping up. Total construction spending in May reached a seasonally adjusted annual rate of $1.036 trillion, up 8.2% from a year earlier, according to a Census Bureau report. New single-family construction grew 11.2% in the same period. However, the inventory of new and existing homes on the market is still

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