Industry News

Census stats shed light on past building boom

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Seven counties in Florida ranked in the top 20 for the highest growth rate of housing units nationwide from July 2005 to July 2006, according to U.S. Census Bureau estimates released today. Pinal County, Ariz., which is home to the communities of Apache Junction and Casa Grande, as examples, ranked as the fastest-growing county in the nation for new housing units, with a 16.6 percent increase in housing units during that one-year period. The total number of housing units in that county grew from 108,771 on July 1, 2005, to 126,854 on July 1, 2006, according to the report, which ranks counties that have at least 5,000 existing housing units. These days, the Pinal County market is reeling from that nation-leading surge of construction as the real estate market has turned for the worse. Brian Russell, broker-owner for Casa Grande-based Pinal County Properties, said a combination of factors have slowed the market, including overbuilding, a rush of real estate speculators, ri...