CALIFORNIA NEW HOME CONSTRUCTION CONTINUES TO DECLINE
California housing starts declined for the fifth consecutive month during July 2006, falling 40.8 percent compared with the construction pace recorded one year earlier, the California Building Industry Association (CBIA) recently reported. Despite the decline, builders are on track to produce 180,000 new single-family and multifamily units in California during 2006. CBIA anticipates multifamily construction to remain strong in most markets for the remainder of 2006 but expects single-family starts to fall by 20,000 to 30,000 units compared with 155,000 single-family starts in 2005.
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Real Estate is a good bet, but we are in a down turn so right now might not be best. But as the market re-adjusts opportunities will once again present themselves.
Granted the the prices of homes have escalated greatly in the last few years and they might be overvalued at todays prices, probably are in many locations. But you do have to live somewhere. So the tradeoff is whether you are going to pay rent or whether you are going to build equitity in a home. And there are certain tax advantages to borrowing money to buy a home. There is also a tax advantage when you sell the home for the last time, a big tax advantage.