Residential building permits are showing a –42.0% decrease for third quarter 08 to third quarter 09 in Sullivan County, Tennessee. See the link for more detail Residential Building Permit Trend Report from The Market Edge.
The Residential Building Permit Trend Report has data from the states of North Carolina, Georgia, Tennessee, Kentucky, and South Carolina.
Residential building permits from The Market Edge are available now for 2nd quarter 2009. See the link for more detail Residential Building Permit Trend Report.
The Residential Building Permit Trend Report has data from States of North Carolina, Georgia, Tennessee, Kentucky, and South Carolina.
FINALLY… POSITIVE TRENDS!! With the exception of Upstate SC, ALL of our markets had a significant increase in building permits from Q1-2009 to Q2-2009. While an increase from Q1 to Q2 each year is not uncommon because of the spring building season, the Q2 totals this year are the first upward trend in many markets since 2006! Case in point: Lexington & Louisville. Granted, when comparing the first 6 months of 2008 to the first 6 months of 2009, the trend numbers are very disappointing. But, the 3rd and 4th quarters of 2008 and the 1st quarter of 2009 were terrible in most markets. The Q2 totals are at least a sign of hope.
From Business and Economic Research Center, Middle Tennessee State University
Housing construction continued to plunge in the first quarter, with total permits down 13.7 percent from the fourth quarter and 45.0 percent over the year. Similar declines occurred in the South and the United States (Table 2). All of the decline for Tennessee can be attributed to multifamily construction, including apartments and condominiums. In fact, multifamily permits are down 49.1 percent from the previous quarter and 51.2 percent over the year.
See the entire 1st quarter 2009 report
Middle Tennessee State University has done a great job analyzing the housing market in Tennessee for the 4th quarter, 2008. In the link below they give data on employment, permits, repeat sales, mortgage tax collections, transfer tax collections, foreclosures, and inventory.
The fourth quarter was difficult for the Tennessee economy. The increase in job losses will create a substantial headwind for the housing market. Although mortgage rates are extremely low, a decline in household confidence along with falling housing prices will likely keep many home buyers on the sidelines. The inventory of foreclosures will continue to rise, as indicated by the rising number of new foreclosures. Home sales continue to fall, putting downward pressure on prices. Since supply is falling faster than demand, the inventory of homes on the market is declining. The scarce good news is the increase in multi-family permits. Read more on Tennessee Housing Market