The annual pace of construction spending continued its seven-month drop in October, falling 0.5 percent from a year ago to a seasonally adjusted annual rate of $1.18 trillion, according to a recent report from the U.S. Census Bureau. Residential construction spending declined 9.4 percent compared with one year earlier, standing at a rate of $605 billion, while the value of nonresidential construction activity rose 13.6 percent to a rate of $573 billion, according to the report.
In California, data from the California Building Industry Association (CBIA) reports a similar decline, with new-home construction during October falling 29 percent when compared with the construction pace recorded one year earlier. Based on the number of building permits issued, 10,520 new housing units were started throughout the state in October, and while multifamily construction continues to be strong, particularly in the state's major metropolitan areas, single-family construction is down 30 percent for the first 10 months of the year. San Diego California real estate broker
[tags] housing, housing market, San Diego real estate, real estate bubble, California real estate, San Diego home values[/tags]
Right on! The fall off of San Diego real estate is very evident…one just has to look.
Larry San Diego CA hotels
Great job! In my San Diego neighborhood it seems it is now taking 6 mos or more to sell a home.
There are for sale signs on almost every block. Quite a change from 2005 when you would be hard pressed to even see one for sale sign.
D. San Diego cosmetic surgery
It’s just surprising that so many people with the clear signs that were present in 2004 and 2005 didn’t say that the San Diego real estate bubble was about to bust
Laura
Oakland Lawyers
The ingrain notion that San Diego real estate always appreciates has now vanished, and that’s probably a good thing.
Ellen
San Diego California Medical Research