Building Group Says Calif. Housing Slump to Bottom Out Next Year
- Jan 04, 2008
Sacramento, Calif.–California’s housing decline–considered one of the nation’s worst–will hit bottom in 2008, according to the California Building Industry Association.The Sacramento, Calif.–based building industry trade group released a forecast Thursday that predicted developers will gain 10 percent more permits for 128,400 single-family and multifamily units this year, the The San Francisco Chronicle reports. The estimated number of permits in 2007 was 116,250, which was a 29 percent fall from the year before.The increase should start in the second half of 2008, the group said, as a result of population increases, lowered interest rates and a growing U.S. economy.However, several economists expressed skepticism about the California Building Industry Association’s rosy outlook.