The Detroit Free Press reported today that permits issued for new construction were down nearly 50% from January through April, as compared to last year at the same time.
This is certainly reflective of the resale market where there is a saturation of homes and noncommittal buyers. The Free Press went on to say that although the average U.S. home appreciated 12.95% last year, home values increased only 2.03% in metro Detroit and 3.76% statewide, the lowest among all 50 states.
However, James Babcock, president of the Building Industry Association of Southeastern Michigan predicts that 2006 will finish strong in home building, based on the nearly 10 record-setting years of growth.
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