Star Tribune Fri, 08 Feb 2008 03:39:53 GMT
Home-building slump deepens
January permits fell 59 percent from a year ago as downtown condo building slowed sharply. Now in the third year of a slowdown, Twin Cities home builders last month posted one of the worst months in more than a decade, according to data released Thursday by the Builders Association of the Twin Cities. The report comes on the eve of the association's biggest market event of the year, the Parade of Homes Spring Preview, which begins Saturday. The report said that in January, home builders were issued 235 permits to build 364 single-family houses, condominiums townhouses and apartment units. That's a 59 percent decline in new units compared with January 2007 and one of the steepest year-to-year monthly decreases. In January 2004 -- the height of the housing frenzy -- builders were issued permits to build 1,505 units.
[[keywords: Housing;Metro;]]
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