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by CareyBot

The combination of declining new-home production and the hardship of trying to sell off existing inventory has led California home-building analysts to lower their construction forecast for 2008. The Construction Industry Research Board (CIRB) says it is now projecting a total of 70,000 housing units for 2008, down from the 75,000 units projected last month, with only 74,000 units projected for 2009. According to CIRB's statistics, a total 4,484 single-family and multifamily permits were pulled in August statewide, down 21 percent from July and 61 percent from a year ago. Robert Rivinius, president and CEO of the California Building Industry Association, said in a press statement that the low construction forecasts for 2008 and 2009 could lead to increased prices once the market t...