Single family home permits in Lee County are at their highest in 5 years. On the flip side, the number of foreclosure lawsuits was up.
After the bottom fell out of prices in early 2006, the number of homes being built fell sharply from the peak in 2005, when an average of 1,585 houses a month were built. At the recession’s bottom in 2009, only 68 permits per month were issued, according to statistics compiled by the Regional Economic Research Institute at FGCU.
Rose attributed the good March performance to an increasing number of decisions being made by baby boomers to build retirement houses.
“For the past five years they’ve put their plans on hold just to see what happens,” he said. “They’re either tired of keeping their lives on hold, or they’re feeling a little more confident” as the economy and the stock market perk up.
Also, Rose said, despite the rising cost of construction materials, new construction is able for the first time in years to compete with resales of existing homes. “We’re finally in parity with the houses that are out there. It’s no longer that the existing homes are beating us to death.” source
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