Builders slashing prices, helping with closing costs to move homes

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Homebuilders are combating market headwinds with price reductions and incentives like help paying closing costs, down payment assistance, and interest rate buydowns, the Wall Street Journal reports.

Freebies like free appliances are also part of the strategy to address slowdowns in some markets, brought on in part by uncertainty over the debt ceiling impasse and expectations that the Federal Reserve will soon begin tapering stimulus measures.

A monthly survey of homebuilder sales managers by Wells Fargo Securities found 29 percent of respondents had increased their use of incentives in September, up from 17 percent in August and 14 percent a year ago. Source: