CALIFORNIA HOUSING STARTS FALL 22%
SACRAMENTO — California homebuilders continued to cut back on production in July, as buyers continued to wait and watch, exacerbated by the recent financial turmoil in the credit and lending industries, the California Building Industry Association reported today.Total housing starts in California, as measured by building permits issued, fell by 22 percent in July when compared to the same month a year ago. According to housing permit data supplied by the Construction Industry Research Board, production of single-family homes fell by nearly one third while multifamily units saw a slight increase in permits being pulled when compared to July of 2006.
CBIA Chief Economist Alan Nevin said that builders and lenders are waiting for a signal from the market telling them to move forward, with most not yet convinced that now is the right time. As a result, builders are holding off on production in order to continue selling down their existing inventory of homes.
He warned potential buyers, however, that when the market does turn, it will probably turn quickly.
“In California, the market has historically been a ‘V’ shape in that when it turns around, it does so with great enthusiasm,” Nevin said. “As California’s economy remains strong and the job market solid, we believe the ‘V’ phenomenon will occur once more, though we hesitate to put a date on it.”
In July, permits were pulled for 5,675 single-family homes statewide, down 32.5 percent from July 2006 and down 15 percent from the previous month, while multifamily housing starts — condos and apartments — totaled 3,355, increasing 4 percent from July 2006 and up 11 percent from the previous month.[tags]California housing,California real estate,California homebuilders[/tags] San Diego real estate agents
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Did you know that in Barersfield CA one out of every 47 houses is popping into the foreclosure oven making it one of the hottest cities in the grips of the reigning real estate crisis. It ranks 8th among the leading 100 cities buzzing with foreclosure activity during the first half of this year. The figures have been released by one of the premier tracking groups online, based in Irvine. Los Angeles DUI defense lawyers
Much is said now about the state of the real estate market, the recent audacity by the fed chair, and how our dollar is being trampled on by the feds. Much is said about the lack of equity in homes and the lack of liquidity from the few available buyers out there. The economy is dead, all these foreclosures are ruining the state.
Larry
San Diego County Real Estate Brokerage
The mortgage industry has been as volatile as ever lately–especially with interest rates, loan programs and the housing market in general. Unlike the past, we are in unchartered territory as far as economic models go.
Sean
San Diego California Real Estate
We are facing turbulent times with the credit crunch/liquidity crisis, a very possible recession, hedge funds collapsing, small & large banks experiencing major loses and the ups and downs of the bond and stock markets.
Jessica
San Diego Dentistry
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