Fewer new homes expected in California

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.

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