July 20, 2010; Housing Starts For JuneAccording to the Commerce Department, housing starts in June were down 5% from May. This 5% decline was primarily the result of a 20% decline in starts for condominiums and apartments. On a somewhat positive side, building permits for June were up 2% from May; however, permits for single family housing for June were down 3% from May. In other words, the improvement in building permits was due to an increase in permits for condominiums and apartments.
Since there really is very little residential new construction in the Evergreen and Conifer area, this news on housing starts and building permits will not affect us much in a direct way. And it is difficult to determine exactly how it will affect us indirectly. On the positive side, a decrease in housing starts and building permits means that there will be less competition for resales in Evergreen and Conifer; on the negative side, it is a reflection of a general overall anemic housing market.
|
|