I'm very pleased to report that, after several iterations during the editing process, my first blog post for the 'Developments' blog covering California trends has just been published:
Considering the amount of overbuilding that took place in California during the boom, some type of decline was necessary in order to bring supply and demand back into balance. The latest update on California building permits shows just how drastic that decline has been.
According to statistics from the California Building Industry Association (CBIA) (full report), the number of residential housing permits issued statewide in November fell to 4,544 — a 17% drop from the same period in 2007. For all of 2008 an estimated 64,000 building permits were issued — the lowest level since records were first kept in 1954. For single-family homes alone, 2008 will likely end up with less than 32,000 permits for a state of 36 million, marking a decline of well over 50% from 2007’s already low levels. (The report covers single- and multi-family residential permits.)...
Many thanks to Christopher Thornberg at Beacon Economics for suggesting me to the Journal. He will also be a regular (if occasional) contributor on economic trends related to real estate, so be sure to look for his posts.
Have any ideas on posts you'd like to see? Email me suggestions at info@metrointel.com.
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