Valley homebuilder supports Obama plan, cuts prices by 10%


KNXV - TV (ABC 15) -- In response to President Barack Obama’s $75 billion plan to reduce home foreclosures, a Valley homebuilding company had decided to do its part to help. Ripson Homes is reducing the sales price of its homes by 10 percent.  [Link to video on ABC 15 website]

”(Sales) Traffic has been down,” Ripson Homes CEO Michael Ripson told ABC15. “We had previously lowered our prices significantly, but traffic continues to decline and we are trying to address the market conditions as they are.”

In a press release, Ripson said, “This additional price reduction is in recognition of the continuing market decline prior to the President taking office, but we believe that President Obama’s new policy will markedly improve market conditions in Phoenix and throughout the country.”

Ripson said he believes his offer will not only spark home sales, but create jobs as well for other projects the company is working on.

“It will have a ripple effect, we have many plans in the works and it takes many people to put a plan into action, and these plans will create jobs,” said Ripson.

Ripson Homes is a Scottsdale-based homebuilder that has specializes in custom homes since 2001.

The company plans on building a new subdivision in the West Valley soon.

KNXV - TV (ABC 15)
Link to story on ABC 15 Website
Reported by: Christopher Sign
Last Update: 2/20 11:06 am