NEW SINGLE-FAMILY HOME CONSTRUCTION DECLINES 3.5 PERCENT IN JUNE
Construction of new, single-family homes across the country as reflected by issued building permits in June declined 3.5 percent to 613,000 units, compared with 635,000 units in May, according to the latest data from the U.S. Dept. of Commerce. Nationwide, total new home construction in June was at 1,091,000 units, 11.6 percent higher than the revised May rate of 978,000, but 23 percent below June 2007. Housing starts were up 0.9 percent in the West.
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“They’re not making anymore land”, “It’s different in (insert your city)”, “everyone wants to live here”, “buy now or be priced out forever”…etc. These are all the lines that the sheeple have bought into from the real estate industry and all their “experts”. Bottom, line: this is the tip of the iceberg. People seem to forget history, and how it has a way of repeating itself. This is not a 1 year “slump”, this is an end to a cycle of people’s pie-in-the-sky attitude about real estate. I cannot wait to buy a house in 3-5 years, when prices are REALLY good. If you buy now, you’re overpaying. Think about it: is 20% off an item that is marked up 400% a good deal? San Diego Cosmetic Dental Make-overs
Owning a home is not the be all and end all. In fact, for a fair number of people renting is a much better choice. A house can be an albatross that is hard to dispose of. It certainly limits your mobility. The government is making a mistake trying to maximize home ownership with it’s easy money policies. Houston Texas Attorneys
In the long term real estate always bounces back and people should take advantage of these slow periods if they really want to get a good return on their investments. Ft Lauderdale Bail bondsman