Tuesday, December 23, 2008

Home Construction in Northeast Ohio Goes South

The Cleveland Plain Dealer reported today, December 23, 2008, that the number of building permits being issued in the Cleveland area declined by 61% in November of 2008 when compared to November of 2007. The actual number of permits issued in November of 2007 was 365 and the number of permits issued in November of 2008 was 140. The figure for November is also 49% less then the number of permits issued in October of 2008.

Not only are less houses being built, but less homes are being sold. The number of residences being sold declined by 13.8% when compared to the number that were sold a year ago. Statewide the decline was 21.7%. Nationwide the decline in residential sales was 8.6%. Just further proof, in case you needed it, that Ohio's economy is hurting.

You can read the entire article here.

1 comment:

Anonymous said...

Home values were driven upward wrongfully and by bad loans thus false sales. We need to let them come down and they will adjust themselves out correctly. We cannot keep them inflated nor should we even try. We cannot "prop" them up, but only let them fall and land where they will. Builders across the U.S. are left holding the bag on 1/2 built homes and even trying to sell on a 2 for 1 deal. Hang on folks because the landing is going to be hard and is going to take us back 20 yrs. in value when we finally hit bottom. We will survive.