California building permits set to hit record low

Real estate brief

California builders are likely to pull only about 72,000 permits to build new homes in 2008 — one third the number issued in 2005 and the lowest number since tracking began in 1954, the California Building Industry Association said today.

Single-family permits issued in July totaled 3,023, down 48 percent from a year ago and 25 percent from June, CBIA said, citing statistics compiled by Construction Industry Research Board. Multifamily permits totaled 2,145, down 40 percent from a year ago and 19 percent from June.