An article appeared in the paper this morning regarding the decline in new housing starts and the effect on the contractors and subcontractors in Volusia County. Ultimately, I think that this step needed to be taken in order to begin to reduce the inventory on the market. The current glut could not be overcome if we continued to build at past levels.
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According to the latest Flash Report of U.S. Housing Markets, which tracks housing activity in metro areas across the United States, the Deltona-Daytona Beach-Ormond Beach metropolitan statistical area had 520 single-family home permits issued in the second quarter. That's 49 percent below the 1,026 issued in the second quarter last year.
Volusia County also had a 79 percent drop in multi-family permits, falling from 381 units in the second quarter last year to just 79 this year.
http://www.news-journalonline.com/NewsJournalOnline/News/Headlines/frtHEAD02082107.htm
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