Not since the Great Recession of 2008 has the homebuilding industry faced a challenge like COVID-19. While the State of Ohio’s “Shelter in Place” order permits construction and homebuilding to continue, our industry faces significant concerns. Among the issues developers face include: 1) the inability to have customers visit model and spec homes to make sales, 2) the pessimism of buyers on their immediate financial position and loss of confidence in their continued employment, 3) banks requiring payment of interest/principal on improvement loans despite the slowed sales, 4) contractors, suppliers, and consultants requiring payment for labor and materials, and 5) contractors and suppliers unable to provide labor and materials due to the COVID-19 virus, delaying completion of homes.
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