Homebuilder group cites decline

Construction of new homes in California continued to decline in October, prompting California homebuilders to call on state lawmakers to re-examine the benefits of the state new-home buyer tax credit enacted earlier this year, according to a news release by California Building Industry Association, the state’s largest homebuilder trade association.  “According to statistics compiled by the Construction Industry Research Board, homebuilders pulled permits for 2,815 total housing units in October, down 6 percent from September, and down 33 percent from October 2008,” it states.  “Permits for single-family homes totaled 2,017, down 9 percent from the previous month and down 14 percent from same period last year, while multifamily permits totaled 798, up 5 percent from September but down 57 percent from a year ago.”

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