No Real Estate Recovery near for New Home Builders-
The pace of home sales at California’s new-home communities continues to fall with the report for April released Thursday by the California Building Industry Association.
Sales in April in new-home communities of 10 units or more were 32 percent below April 2009, the CBIA says citing data in the CBIA/Hanley Wood Market Intelligence (HWMI) New-Home Sales and Pricing Report.
Jonathan Dienhart, director of published research for HWMI, noted the figures for April were little changed from March and don’t provide a lot of basis for short-term optimism.“With the federal tax credit expiring in April and persistently high unemployment throughout most of the state, we could be in for a rough summer,” says Mr. Dienhart. “Some areas will fare better than others, however. The long recovery process will be uneven, with the coastal areas faring better than the inland areas where there are still bigger problems with oversupply.”
