Jul
05

Greer Residential Construction Slows

By
July 4, 2008

By Lark Reynolds – Greater Greer News

New housing starts in the city of Greer fell from 35 in April to only five in May, the lowest number in the previous 12 months.

Phil Rhoads, the city’s director of building and development standards, said builders in several new developments have slowed their pace of constructing new homes.

He said several factors have contributed to an overstock of residential units on the market, and once that is depleted some, starts should pick up.

“I don’t think there’s been a real big slowdown in house buying,” Rhoads said. “Once that stock is depleted, then the housing market’s going to pick back up.”

The slow national housing market and rising number of foreclosures in recent months has increased the number of existing homes on the market, added to the fact that new residential construction had been busier than normal in the Upstate in recent years.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.greenvilleonline.com/apps/pbcs.dll/article?AID=/20080704/GGN/807040301/1001/NEWS
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