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July/August 2004
Predicting
the Sales Future
Building
permits, an indicator of the future new home construction,
were up 3.5% to a 30 year high of over 2 million new
homes in May. The total home construction (single- family
homes, condos, townhomes) has risen to the highest rate
on record!
The solid market basics: not many homes available for
sale, great house prices and excellent demographics
projection (lots of buyers and low interest rates) is
the reason we expect 1.9 million new homes for 2004.
That figure is up 5% over 2003 ? says David Seidlers,
chief economist for the National Association of Home
Builders.
The housing market continues to be a great place for
investment and enjoyment in Southern California.
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