New Jersey Building Permits Decline
According to NJBIZ the number of building permits that were issued in New Jersey June and July 2007 fell by 33%. I guess the real estate slump, slow down, disaster, call it what you will, has taken hold in the garden state.
Builders are tuned into the real estate market. Accordingly when they believe that a real estate slump has started to end, they will begin to pull more building permits. They in turn will build more and more homes. However, when they see a glut of inventory in the market, are not able to sell their newly constructed homes, and are sitting on large tracts of property, they will stop paying to have permits issued.
If the builders have stopped pulling permits because they cannot sell their new homes, how are owners of older homes going to be able to sell their property in the near future?
Tags :
building : 
construction : 
real estate : 
new jersey
