Corona Del Mar and Newport Coast Real Estate

I think this report on Housing starts and permits is actually good news for Real Estate. Sure, it is bad news right now for the economy, But, housing demands won't stop. The population continues to grow, and people need shelter. New construction and building was overbuilt in 2006 - 2007. We needed a good drawn out slow down to get back in line with demand. Slow construction will probably be around the rest of this year. The good news, as a lot of the inventory of less expensive and foreclosure homes get bought up, that will eventually give way to new construction projects. I think there is a large built up demand for a lot of goods, people just aren't buying right now. Once people feel comfortable and the economy does get moving, I think it may go fast. Then, building, the economy and Real Estate may start to all grow again for the next cycle.

WASHINGTON - Construction of new homes and applications for future projects both plunged to record lows in January as all parts of the country showed big declines in building activity.

Analysts are hoping that a boost from government programs, including new efforts to stem foreclosures, will help stop the slide.

The Commerce Department reported Wednesday that construction of new homes and apartments dropped 16.8 percent last month to a seasonally adjusted annual rate of 466,000 units. That's well below the 530,000 units economists expected, and was the slowest pace on records dating back a half-century.

Applications for building permits, considered a good barometer of future activity, also dropped to a record low, falling 4.8 percent to a rate of 521,000 units, slightly below economists' expectations.

I still feel the next few Months may be the best time to Buy Real Estate... especially in coastal areas like Corona Del Mar and Newport Coast. If you are Selling, may be the time pretty soon to hold onto a higher price. I have noticed a few Listings in Corona Del Mar where the List price was raised...