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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: nextrade! who wrote (3799)	8/2/2002 5:51:15 AM
From: nextrade!	Respond to of 306849

Building permits down 23 percent Colorado apartment market overbuilt, planning official says rockymountainnews.com By John Rebchook, Rocky Mountain News August 2, 2002 Home building permits in the first half of the year fell by 13.2 percent from a year ago, while apartment permits fell by 42 percent, continuing trends seen most of the year. There were 7,295 permits issued from Adams to Elbert counties in the first six months of the year, compared with 8,404 in the first half of 2001, according to the report by the Home Builders Association of Metropolitan Denver. As far as apartments, there were 1,959 permits issued through June, compared with 3,379 during the same period last year. When apartments, homes and condos are combined, there were a total of 11,433 permits issued this year, a 22.7 percent drop from the 14,802 permits issued during the same period last year. Economist Nancy McCallin, director of the Colorado Office of State Budgeting and Planning, said she's not too worried about local homebuilding, but she does think the apartment market is overbuilt. McCallin, a keynote speaker at the 2002 Economic Conference presented by the Apartment Association of Metro Denver, said there were signs the apartment market was becoming overbuilt even before the economy began its slide. "The next 1 ½ years are going to be difficult for the apartment market," McCallin said. "They're going to see rising vacancy rates and softening rental rates."