Houston Building Forecast
by: Capella Tucker, January 7, 2008 5:01:00 am
A mortgage crisis and inflated housing prices are some of the reason for problems in the housing industry nationwide. One forecaster says Houston will continue to feel some of the pinch in the first part of this year. Greater Houston Builders Association President Brian Binash says 36,000 to 38,000 housing starts are predicted.
"It's still one of the top five, six markets that we've had, but it's about 10 percent down from 2007, but that's pretty much what we anticipated. You can't expect to keep going up year after year after year."
Builders gathering today were told Houston can expect a smaller pool of buyers in the next year because of the mortgage lending fall-out. It's driving people to the rental market. Builders may see those people in another year when there's more positive news about housing. At the same time builders were encouraged to keep a healthy inventory of spec homes on hand for people relocating to Houston. Capella Tucker, Houston Public Radio News.