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Kelsey Teel
November 17, 2010 at 8:53 pm
Not great news, but I’m happy to see that the single family starts only dropped 1%. However, a 43.5% drop in multifamily is huge! WOW. It really doesn’t surprise me considering all of the multi-family projects that have either been built and remain empty or have completely halted construction. The last thing we need is more empty buildings and abandoned projects.
I know of a $5 million project in particular that has been completely planned with 32 units pre-sold and countess dollars spent on marketing, but it can’t even begin building due to problems with obtaining construction financing.