The home-building industry in America is one of the few surviving domestic industries that utilizes goods and workforces from within our own country, and a majority of the materials used to build housing come from our own resources. It’s truly, one of a few “Made In America” industries left!
So, at a time following economic downturn when the home building industry should be preparing themselves to meet a soon-to-come demand for new housing products, why are lenders balking at making loans necessary for this potential growth?
Read how policymakers are quite possibly changing our American landscape and precluding many Americans from ever owning a home.
Another phenomenon of this sluggish economy has been our resurgence in apartment construction and renting. Unemployment remains high, loan underwriting has been much more conservative and fewer people have sufficient income to qualify for mortgages. First time home buyers are remaining renters longer while they save, boosting occupancy levels in apartments to record highs. These record highs mean higher rents and improved profitability for apartment owners and developers!
Also in this issue, NEWHOME reports why Pittsburgh has seen a significant shift in market share for high volume builders. This shift in our housing landscape offers buyers more opportunities (and confusion).
Overall, according to Tall Timber Group, housing numbers are indicating that our housing market is stronger for the first quarter for 2012, with an increase in total permits of 19.5%. During the January through March period, 408 permits were issued for single-family detached units, down 17.6 percent from the same period last year. Permits for attached units and apartments more than doubled however, with 396 units started compared to 178 during the first quarter of 2011. The overall housing construction volume was 804 units.
Kevin J. Gordon
Remember, before you buy, build or remodel, Greater Pittsburgh’s NEW HOME is required reading!
|
