New home construction hits all time low
POSTED: Thursday, January 22, 2009 - 7:54pm
UPDATED: Wednesday, March 17, 2010 - 12:00pm
LONGVIEW - Government reports show home construction is at it's slowest pace since they started keeping track fifty years ago.
And it's leaving some home builders and contractors out of work.
Ray Cooper like many home builders is feeling the crunch in the housing market.
Cooper said, "Normally this time a year I'd have 12-15 homes going and now i've got five speculation homes and one custom. i've got half going as normal and thats because of demand."
Economist predicted a down fall in the housing market but things are worse than expected.
Construction of new houses and apartments fell more than 15% last month, this marks the worst year for builders since 1959.
Home builders say the publics perception, reality and the credit market is to blame for this construction crisis...that is leaving builders out of work.
Cooper said, "Its a ripple effect, when the housing market slows down it doesn't just affect builders it affects everybody related....it affects the subcontractor every supplier, framer."
But with today's economy people like Rebekah Ketchum understand why construction on new homes is down.
She said, "It doesn't surprise me I think because of the economy a lot of people are trying to be cautious about finances and what they get into."
Although Rebekah and her husband are on the market for a new house, financially, they would prefer to rent rather than buy.
Ketchum said, "There needs to be more houses i think that are nicer that are able to rent."