djc
12-18-2007, 10:46 PM
SAN DIEGO -- With the demand for new homes falling in San Diego County, construction is also dropping to record lows, according to economic experts.
New homes and apartment construction across the country fell to their lowest point in 16 years last month. According to Marney Cox, the chief economist at the San Diego Association of Governments, the region has been a leader in the real estate downturn.
The local market has fallen faster and farther than most other places nationwide.
"Back in 2004-2005, the number permits being taken out in the region were about 12,000 or so. We're down about 6,000, about 50 percent, in building permits," Cox said.
http://www.nbcsandiego.com/money/14885227/detail.html?dl=headlineclick
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Expected.
New homes and apartment construction across the country fell to their lowest point in 16 years last month. According to Marney Cox, the chief economist at the San Diego Association of Governments, the region has been a leader in the real estate downturn.
The local market has fallen faster and farther than most other places nationwide.
"Back in 2004-2005, the number permits being taken out in the region were about 12,000 or so. We're down about 6,000, about 50 percent, in building permits," Cox said.
http://www.nbcsandiego.com/money/14885227/detail.html?dl=headlineclick
---
Expected.