Analyst types are again groping for an exit from the dark tunnel today, citing a couple figures that show things are just as bad as they've been for a while, but also hint at signs that new construction may "bottom by early summer." The amount of new construction in April was lower this year than ever, even though single-family home construction has gone up. The culprit: apartments and condos, construction of which has fallen by a fat 46 percent. The good news? We're so low now, we have to start going up sometime soon, says an analyst with fingers crossed. Now that the supply of new properties is below the supply of new households being created, construction is going to have to hustle up a bit, and a recovery just may happen in the second half of the year. More condos then too, one might think.
· U.S. Housing Starts Drop on Apartments, Condominiums [Bloomberg]
[Photo via Flickr/davitydave]