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If the California economy is to get out of an economic Depression, the housing sector has to pick up. The value of homes have to go up, fewer homes need to be on the market and new homes have to be built (for the jobs).
"California homebuilders will add a projected 46,500 new single- and multi-family units to the states housing supply in 2010, the Construction Industry Research Board reported last week. That represents a 27.7 percent increase from a year ago.
That seems like good news for Californias beleaguered home building industry, long a pillar of the states economy, except that this years housing production still ranks among the lowest yearly totals since the state began keeping records back in 1954."
We have too much inventory of homes on the market. Banks are holding off on foreclosures, not to over saturate the market. We have years of supply of homes, no new ones are needed.
Plus, due to jobs being loss, homes over $250,000 will have an even greater backlog. People moving to other States will cause more homes on the market.
Bottom line: until taxes come down, AB 32 is repealed, fees and other government cost are drastically reduced, and the housing market can not recover.
More...
"California homebuilders will add a projected 46,500 new single- and multi-family units to the states housing supply in 2010, the Construction Industry Research Board reported last week. That represents a 27.7 percent increase from a year ago.
That seems like good news for Californias beleaguered home building industry, long a pillar of the states economy, except that this years housing production still ranks among the lowest yearly totals since the state began keeping records back in 1954."
We have too much inventory of homes on the market. Banks are holding off on foreclosures, not to over saturate the market. We have years of supply of homes, no new ones are needed.
Plus, due to jobs being loss, homes over $250,000 will have an even greater backlog. People moving to other States will cause more homes on the market.
Bottom line: until taxes come down, AB 32 is repealed, fees and other government cost are drastically reduced, and the housing market can not recover.
More...