Mortgage News

Builders may not be putting up as many houses as they did during the boom, but what they are building, they're building better. According to the J.D. Power and Associates 2009 U.S. New-Home Builder Customer Satisfaction Study, overall customer satisfaction increased for the second consecutive year, up 32 points to 811 on a 1,000 point scale.

Satisfaction with the quality of the home also grew, to 825 up from 799. The rate of customer-reported problems dropped to 9.55 problems per home down from 11.51 problems in 2008. "Fierce competition among home builders has led to a market where only the strongest companies have survived," said Paula Sonkin, Vice President of the Real Estate and Construction Industries Practice at J.D. Power and Associates. "This is great news for new-home buyers since builders are offering unprecedented high levels of quality, value and service at relatively low prices." Phoenix, Tampa and some California markets recorded the greatest gains in overall satisfaction. J.D. Powers rates satisfaction on nine criteria: workmanship/materials; builder's warranty/customer service staff; price/value; builder's sales staff; construction manager; home readiness; recreational facilities provided by the builder; builder's design center; and location...q Source: CNN/Money