Housing Crunch Costing Countys In SC

Lexington County hasnt issued its report on permits for new homes. I am sure it will mirror Richland Countys reports.

The projection for Richland County is coming up short by nearly $1 Million dollars. We as Builders bought 734 fewer new home permits in 2007 and the trend has also carried over to the first quarter of 2008. The immediate impact of the lost revenue isnt clear at this point but may force the counties to raise the fees on permits again! Especially as the Countys council begins work on the new budgets. Policy-makers are already warning that money for schools and government services will be tight this year.

The local housing market has faired well amid the homes crisis so far, but it is starting to show signs of stress. Home sales and permits both fell.

County leaders are allready squirming on the fact that they cant raise taxes. Inspectors are getting the easy part. Thet are doing around 15 inspections per day where they were doing double that a year ago.

The good news as I see it. We had way to much speclative or quick move in home inventory on hand. The permits not being issued allow us to get this under control. I am seeing more foundations started and custom home starts. I think we have turned the page!

Keep posted for more local trends on my next Blog.