Housing and Construction Statistics
Posted: November 04, 2009
Recently released statistics show that the construction of new homes and apartment units rose at a rate of .5% this past September. The rate of newly constructed single-family homes also rose approximately 3.9%.The news inspires some to believe that housing industry is getting back to normal, but also comes on the heels of one of the largest drop in building permit applications over the past five months. Additionally, the number of newly constructed units fell to about 20,000 units less than previously forecasted.
Reasons for the statistics can be attributed to the usual suspects - rising unemployment levels, banks becoming increasingly stricter on their lending standards, and fears of the homeowner's tax credit not being extended. Residents in Southwest Florida, including Naples, Bonita Springs, and Fort Myers, seem to have been one of the hardest hit areas in the nation with regard to housing and unemployment.
While most can agree the homeowner's tax credit will not be responsible for saving the entire real estate market, industry experts predict that the extension and expansion of the credit (say, to repeat buyers) for an extra year could feasibly create $11.6 billion in revenue, and about 350,000 much needed jobs.
As always, please feel free to contact me directly at 239-357-9558 with any of your Real Estate needs or questions. Rgds, Jay
Information for this article provided courtesy of The Associated Press, and Florida Realtors.
Comments(1)
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jay berube said: |
Posted: November 09, 2009 |
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great blog |
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