Home Building Permits Issued Down Significantly Since Housing Crash
Since the collapse of the housing market a decade ago, the number of permits issued to build new homes in Georgia and around the rest of the country dropped from 3.9 permits per 1000 people to 1.9 permits per 1000 people, according to a recent study by Zillow. If homebuilding had continued at its historic pace during the past ten years, more than six million additional single family home would have been built. Home builders face increasing challenges in building new homes, including rising land costs, increasing labor costs and shortages, and rising lumber prices due to recent tariffs on Canadian lumber. With less inventory on the housing market, home buyers in Atlanta and around the US will continue to face more competition and higher home prices.
In the market to buy a new home or refinance a mortgage loan in metro Atlanta or anywhere else in the state of Georgia? Contact Peachtree Mortgage Services at peachmtg@bellsouth.net.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.