House of cards

Star Tribune Wed, 09 Jan 2008 02:47:28 GMT
Metro home builders: Worst year in more than a decade

Twin Cities home construction fell for a fourth consecutive year. Dogged by a stagnant housing market and an overhang of unsold inventory, 2007 was the worst year in more than a decade for Twin Cities-area home builders, according to year-end data released Tuesday by the Builders Association of the Twin Cities (BATC). In 2007, home builders were issued 4,888 permits to build 8,961 units in the Twin Cities metropolitan area. That's a 29 percent decline in new units over 2006 and a 53 percent decline since the market peak of 2003. "The past year significantly tested consumers' resiliency and confidence," 2007 association President Michael Noonan said. "Consumer confidence is the foundation of our market, and although eroded, it remains standing for us to rebuild."

[[keywords: Housing;Metro;]]