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The housing start numbers in June, represent a 14+% increase in single-family home construction. This represents the largest monthly increase since December 2004. The construction of multi-family units, a chaotic segment of the market, fell nearly 26% from a month earlier. |
Hi Mryl, There is good news and some that is not so good. With the density out here, Condominiums having been having a pretty rough time of it. And I fear with the stricter underwriting guidelines and all the problems with being able to get financing, condos may be facing a steep upward incline before things gets fixed in that market. Our median price of sales increased this past month but the foreclosures are string to hit again and with the numbers I hearing, we still have a ways to go. But at least in the construction of new , it may help some with employment issues. And we need all the help we can get in any number of areas.
William - My concern is that once the tax credit incentive goes away, we will go back to business as usual. And this will be just as the California 90 day moratorium on foreclosures expires. I hope this hasn't simply put off the inevitable. However, we have noticed our resale numbers have improved somewhat too.
Like you however, our condo market is lagging somewhat behind.
I am seeing sales rise in my county...even though the prices are lower than normal due to the foreclosures. I am hoping they will level out soon. Staying positive and hopeful!
Tina - We actually had a bump upward in price in Sacramento County recently. I'm hopeful in so many ways. But am realistic enough to know there are factors out there stirring that will still require time to work through.
That is good news, now we only need 5 more months in the same direction to be considered a trend.
Myrl - you don't hear much about it, but I'd think they will create or extend the tax credit.
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