While property prices continue to decrease, home sizes are also decreasing. The National Association of Home Builders reported homes started in the third quarter 2008 were an average 2,438 square feet. This size is 194 square feet smaller than homes started during second quarter. Remove an almost 20 by 10 ft room from your house!
They surveyed homebuilders where 89% reported that they plan to build smaller homes. A sign of the times!
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