New housing starts in California down in October
The California Building Industry Association reports that "New housing units as measured by permits issued for October 2004 totaled 16,738, down 3.3 percent from the previous month and 17.9 percent below October of last year."
However, when measured region by region, not every area of California went down. The California Building Industry Association further reports that "Among the state's five major regions, housing starts were higher in October than in September in Southern California (up 10 percent), the San Joaquin Valley (up 7.6 percent) and the Sacramento-Sacramento Valley (up 2.4 percent). Declines were registered in the San Francisco Bay Area and Central Coast regions, down 3.5 percent and 7.4 percent respectively."
Once again, the economic law of supply and demand is at play.
To read the online article, go here.