Condo Market Reflects Contraction
Continuing to reflect a contracting market, multifamily builders and developers surveyed for NAHB’s Multifamily Condo Market Index (MCMI) reported that current conditions for this year’s first quarter were down to roughly half of what they were for the same period a year earlier — declining from 29.6 to 15.2
Expectations for the next six months also saw significant erosion – from 32.9 during the first quarter of 2007 to 29.7 for the first three months of 2008.
“As condo development has slowed sharply, the heavy inventory overhang is being absorbed to some degree — some going to owner/buyers and others into the rental market,” said NAHB Chief Economist David Seiders. “As mortgage credit once again flows to truly qualified prospective buyers, the market will slowly climb back into balance.”
Read the full article in NBN.
For more information, e-mail Ann Marie Moriarty at NAHB, or call her at 800-368-5242 x8350.
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