October housing starts fall by half; San Diego, Riverside counties drive statewide construction slump

http://www.ng2000.com/news.php?tp=construction
Hoping to avoid flooding the market with a glut of new homes, builders in San Diego and Riverside counties started construction on half as many single-family houses in October as they did in the same month a year earlier, a new California Building Industry Association report shows.
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Read: "Hoping to keep home prices high...."
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Matt Barrow wrote:

More like "hoping to keep from having investment tied up and not selling while meanwhile paying construction loan interest..."
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AKA "losing your shirt"
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In CA?
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Are you saying that real estate in California is not capable of "correcting"? Ever been caught in a correction?
One guy I for whom I designed three houses just before the last correction hung himself.
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With a twenty year backlog?

Oh...for the past year or so.

Well, CA has been doing that since the 60's, so I guess...
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Tell me where that's NOT true! California has had a shortage for about 20 years and note which is one hot spot, in large part from environmental considerations (I've heard five years just for paperwork) and those costs have to be assimilated.
There's plenty of other issues that will prevent California from ever having a housing glut, short of an Iranian nuke in the neighborhood.
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