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Resale Market Cuts Into New Home Construction in Riverside County, Calif.(Originated from The Press-Enterprise, Riverside, Calif.)
Knight Ridder/Tribune Business News, January, 1996 by Burnham, Rick
Jan. 12--Builders eased their Riverside County home construction plans in November as buyers sought better bargains in the existing home market, industry experts said.
Requests for housing permits in the county reached 565 during November, a 3.9 percent gain from November 1994. But for the first 11 months of 1995,
total housing permits were down 16.2 percent, according to the Construction Industry Research Board.
Through November, permits for single-family houses are down 11.9 percent from 1994, to 6,366, the board said. Permits for condominiums and apartments are off 71 percent, to 163.
The board expects permits statewide won't exceed 86,300 housing units, down a disappointing 11 percent from 1994, said research director Ben Bartolotto....
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