Has home building declined in recent years? The answer to that question is yes. In fact, is has reached its lowest rate in 17 years.
What this means is that the number of homes or apartments being built will be the fewest since the Second World War. The reason for this is simple, not that many people are willing to build a home and banks are a bit hesitant whether or not to approve a loan.
In some states, there was a decline of more than 20 percent for new housing permits. This means contracts dont have that many jobs and there is not that much money collected from real estate taxes and building permits which contribute to local revenue.
A good example is the state of California which lost more than 220,000 jobs in the past 2 years. This translates to a loss of about $30 billion to the states economy. Some companies have gone bankrupt with others forced to close down their projects.
So what should people do now? Well a lot of experts advise consumers to tighten their belts and then wait till the smoke clears before they consider building a new home. If you have the money, you could buy a homes sine many are up for sale especially when a lot of them...
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