I borrowed this nice chart from an article titled - Prices of foreclosed homes continue to plunge from Inside Tucson Business It shows building permit activity/month for the Tucson metro area for the last 13 months.
As with every other measure of real estate activity that we’ve looked at for the month of October, building permits for new single family homes were also way down in October. How way down? the 62 building permits issued in October for new single-family homes were the fewest permits issued for the month going back 20 years. So way way down. This is for the entire metro area and not just the foothills. But still.
Is there a silver lining here, like maybe October turns out to be the bottom of the market that we’ve been searching for. nah, I don’t really believe that but I’d like to hear from anyone who does. And from anyone who doesn’t.
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