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(Fox Business)   U.S. building permits are at a four year high. Now, the only tricky part is getting a loan, finding a buyer and locating any contractors who actually still do construction   (foxbusiness.com) divider line 36
    More: Followup, building permits, U.S., service providers, United States Department of Commerce, structures  
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371 clicks; posted to Business » on 21 Dec 2012 at 11:09 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



36 Comments   (+0 »)
   
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2012-12-21 10:51:27 AM
Oh, residential.  Wake me up in a few years when light commercial starts moving.
 
2012-12-21 11:11:19 AM
Yes, it's always hard to find contractors when unemployment is high. //sarcasm
 
2012-12-21 11:15:23 AM

Thelyphthoric: Oh, residential.  Wake me up in a few years when light commercial starts moving.


THIS.

Also, individual family DIPPED while multi-family rose. This isn't even home buying/making. Its condo and shared space stuff, because no one can or will be able to own their own space. This is bad news to me really.
 
2012-12-21 11:24:20 AM
I think commercial might be dead for good. Certainly the big box stores are dying. Once the mall anchors start to go, things will look pretty dismal. Lots of overhead to run a mall vs Amazon.
 
2012-12-21 11:30:43 AM
Yeah, I been hearing this since 2007.
 
2012-12-21 11:40:23 AM

Incontinent_dog_and_monkey_rodeo: I think commercial might be dead for good. Certainly the big box stores are dying. Once the mall anchors start to go, things will look pretty dismal. Lots of overhead to run a mall vs Amazon.


As long as there are women in the USA, there will be malls.
 
2012-12-21 12:16:16 PM
We've got an addition under construction - people we're hiring are all busy and hiring additional help
 
2012-12-21 12:24:59 PM
Subby sounds incredibly poor.  It's incredibly easy getting a loan.  It just takes forever right now since there are so many refis going on also due to historic low interest rates.
 
2012-12-21 12:27:50 PM
What I'm seeing is tons of developers trying to hit on the rental market and building apartments.

There's your next construction bubble

If only we let the market clear itself 4 years ago.
 
2012-12-21 12:29:40 PM

thecpt: Thelyphthoric: Oh, residential.  Wake me up in a few years when light commercial starts moving.

THIS.

Also, individual family DIPPED while multi-family rose. This isn't even home buying/making. Its condo and shared space stuff, because no one can or will be able to own their own space. This is bad news to me really.


It has more to do (at least around here) with the rental markets having been neglected for years because it was expected that everyone wants to own a house or condo. This current apartment boom is finally filling that gap.
 
2012-12-21 12:35:32 PM

thecpt: Thelyphthoric: Oh, residential.  Wake me up in a few years when light commercial starts moving.

THIS.

Also, individual family DIPPED while multi-family rose. This isn't even home buying/making. Its condo and shared space stuff, because no one can or will be able to own their own space. This is bad news to me really.


Unless you a feudelist. Then it is all according to plan.
 
2012-12-21 12:40:27 PM

Incontinent_dog_and_monkey_rodeo: Certainly the big box stores are dying


Just worked on a newly renovated space that was formerly a big box pet store.

It's now a Goodwill Store.
 
2012-12-21 12:41:03 PM

natazha: Incontinent_dog_and_monkey_rodeo: I think commercial might be dead for good. Certainly the big box stores are dying. Once the mall anchors start to go, things will look pretty dismal. Lots of overhead to run a mall vs Amazon.

As long as there are women in the USA, there will be malls.


No, as long as there are women, there will be brick & mortar clothing stores.

Malls are already dead, for the most part. The ultra-mega-super malls (like Mall of America) will hold on for a while yet. Maybe 15 years more.

Then it's done. The "mall era" is over. You're going to see rise of "open air malls", which is basically a bigger version of a "mini-mall". Basically, a bunch of stores that share a common parking lot. Not really a mall at all.
 
2012-12-21 12:44:40 PM

Rent Party: thecpt: Thelyphthoric: Oh, residential.  Wake me up in a few years when light commercial starts moving.

THIS.

Also, individual family DIPPED while multi-family rose. This isn't even home buying/making. Its condo and shared space stuff, because no one can or will be able to own their own space. This is bad news to me really.

Unless you a feudelist. Then it is all according to plan.


Note: "plan" means "keikaku."
 
2012-12-21 12:48:10 PM
Probably due to the momentum from 6 months back when it was clear Romney would be President, just like Allen West told me.
 
2012-12-21 12:49:35 PM

King Something: Rent Party: thecpt: Thelyphthoric: Oh, residential.  Wake me up in a few years when light commercial starts moving.

THIS.

Also, individual family DIPPED while multi-family rose. This isn't even home buying/making. Its condo and shared space stuff, because no one can or will be able to own their own space. This is bad news to me really.

Unless you a feudelist. Then it is all according to plan.

Note: "plan" means "keikaku."


I had to google that.

I am now dumber for it.
 
2012-12-21 01:00:29 PM

thecpt: Thelyphthoric: Oh, residential.  Wake me up in a few years when light commercial starts moving.

THIS.

Also, individual family DIPPED while multi-family rose. This isn't even home buying/making. Its condo and shared space stuff, because no one can or will be able to own their own space. This is bad news to me really.

 
2012-12-21 01:01:10 PM
The whole industry has and will change under the heavy hand of cronyism.

The Fed's have shut down many community banks which was the life blood to small builders.

Now everything is being consolidated into big banks and regional builder corporations along with political partnerships (zoning and permitting) and usual corruption.

So one day to paraphrase Henry Ford you'll have a choice of living in any home you want as long as it black !

Not to mention the illegals labor force just crushed the local tradesmen decades ago.

( Think right to work states versus the schmuck that doesn't want to work 7 days a week .)
 
2012-12-21 01:07:44 PM
ABI reports growth and all sectors and all regions (50 is stagnant, above 50 is growth, below is loss).

National score is close to 53.


architecture billing index
 
2012-12-21 01:09:53 PM

BunkyBrewman: Subby sounds incredibly poor.  It's incredibly easy getting a loan.  It just takes forever right now since there are so many refis going on also due to historic low interest rates.


Not in the banking industry, but just bought a house and it was a hassle. The new norm with big banks is to slow play closings on purchases and now run them to almost 60 days. Even with solid credit and 10% down it took us 64 days with Wells Fargo.
 
2012-12-21 01:30:23 PM

Incontinent_dog_and_monkey_rodeo: I think commercial might be dead for good. Certainly the big box stores are dying. Once the mall anchors start to go, things will look pretty dismal. Lots of overhead to run a mall vs Amazon.


What is the percentage of commercial real estate that malls make up?  1%? 2%?
 
2012-12-21 01:55:26 PM

thecpt: Thelyphthoric: Oh, residential.  Wake me up in a few years when light commercial starts moving.

THIS.

Also, individual family DIPPED while multi-family rose. This isn't even home buying/making. Its condo and shared space stuff, because no one can or will be able to own their own space. This is bad news to me really.


God forbid we have a little farking community.
 
2012-12-21 04:13:18 PM
 
2012-12-21 04:39:22 PM
Been trying to build a house for over a year. The appraised value of the future home fell short by 75,000. I own the land outright and still need 75,000 in cash to get the deal done.

Cost of goods and labor including land to build the house : 535,000

Appraisal: 460,000

My credit is over 800 and my income is high enough. I was preapproved for an amount higher than The cost to build the home but they will only loan me 80% of the APPROVED value.

FARK YOU BANKS, and FARK YOU A-HOLES that caused the housing crisis because now responsible, low risk people like me cant get a house built.
 
2012-12-21 05:00:35 PM

BEER_ME_in_CT:
Cost of goods and labor including land to build the house : 535,000
Appraisal: 460,000


Pardon my ignorance, how does that work? How do they appraise something not built yet?
 
2012-12-21 05:08:09 PM
I broke ground on my backyard workshop in March. I knew that subs and suppliers were still hungry and would give smoking deals. If I waited until things turned around, the building would have cost about $70,000. I was able to save $15,000 doing it early this year.
 
2012-12-21 05:08:21 PM

Rent Party: thecpt: Thelyphthoric: Oh, residential.  Wake me up in a few years when light commercial starts moving.

THIS.

Also, individual family DIPPED while multi-family rose. This isn't even home buying/making. Its condo and shared space stuff, because no one can or will be able to own their own space. This is bad news to me really.

Unless you a feudelist. Then it is all according to plan.


Owning a rental property and adding a few more in the coming years, I am getting a kick out of your reply.
 
2012-12-21 06:22:28 PM

the opposite of charity is justice: BEER_ME_in_CT:
Cost of goods and labor including land to build the house : 535,000
Appraisal: 460,000

Pardon my ignorance, how does that work? How do they appraise something not built yet?


Neighboring home values and local overall housing market values is how.
 
2012-12-21 08:07:28 PM

BEER_ME_in_CT: Been trying to build a house for over a year. The appraised value of the future home fell short by 75,000. I own the land outright and still need 75,000 in cash to get the deal done.

Cost of goods and labor including land to build the house : 535,000

Appraisal: 460,000

My credit is over 800 and my income is high enough. I was preapproved for an amount higher than The cost to build the home but they will only loan me 80% of the APPROVED value.

FARK YOU BANKS, and FARK YOU A-HOLES that caused the housing crisis because now responsible, low risk people like me cant get a house built.


Dude...80% of value is stock and standard, stop crying into your milk and look for solutions.

Break the house plans up into modules that can be built separately. You're borrowing less, appraised value isn't grossly affected
and you build the addition 5 years down the road after you've built up a little equity.

Don't blame the banks for doing at least 1 of the things we demanded of them after they crashed the economy....
 
2012-12-21 09:08:19 PM

Thelyphthoric: Oh, residential.  Wake me up in a few years when light commercial starts moving.


Anecdotal, but commercial development has been ahead of residential in my region for years
 
2012-12-21 10:07:53 PM

mjohnson71: Subby sounds incredibly poor. It's incredibly easy getting a loan. It just takes forever right now since there are so many refis going on also due to historic low interest rates.

Not in the banking industry, but just bought a house and it was a hassle. The new norm with big banks is to slow play closings on purchases and now run them to almost 60 days. Even with solid credit and 10% down it took us 64 days with Wells Fargo.


As someone who works for WF's third-party employment verification system for their mortgage/refi process, you have my pity.  It probably took 64 days in large part because of the massive volume of calls we have to make every week. I feel bad for some of the folks still stalled in the process.

It's frustrating enough jumping through hoops to get one employment verification done at a business. Sometimes it takes days of calling just to get a hold of someone, and that doesn't always complete the process. Even when we do get a completed verification of employment, WF makes us call and re-verify over and over and over until closing. We're supposed to call every 10 days just to make sure the borrower hasn't skated since then, but sometimes it's sooner than that. And oh, the rage from some of the employers when we call them again.

/I get it's a hassle to re-verify and you're busy, bro. It's not like I WANT to harass you over and over. Don't taze me. I need money for food and a place to sleep. :/
 
2012-12-21 10:19:23 PM
We put an offer on our house and were living in it within 30 days. I farking love USAA. They got shiat done.
 
2012-12-21 10:24:11 PM

realmolo: You're going to see rise of "open air malls", which is basically a bigger version of a "mini-mall". Basically, a bunch of stores that share a common parking lot. Not really a mall at all.


I got a kick out of this because I live in Southern California where we have open air malls that are as nice as any mall with a roof over the central area.
Of course, I thought the definition of a mall WAS "a bunch of stores that share a common parking lot."
 
2012-12-21 11:37:39 PM

atomic-age: We put an offer on our house and were living in it within 30 days. I farking love USAA. They got shiat done.


I'd love to use usaa but they don't deal with FHA loans.

I'd also like to be able to actually put an offer on a house without finding out the seller accepted an offer the day before.

Or there's the last house we were going to make an offer on. On the market since May, we started discussing with the sellers agent, then the seller says "oh, I need to make sure my ex filed the quit claim deed". That was a week ago. Sigh.
 
2012-12-23 09:33:43 AM
Just closed on our place 2 weeks ago. Wife and I both have 790+ credit, solid jobs, 10% down, etc. House value of $150K. Got outside no or low interest downpayment funding from feds, state, and city for doing a refurb in a "redevelopment zone" (re: blunt edge of gentrification of the ghetto) bringing up downpayment to about 40% of cost.


Took 6 FARKING MONTHS for BB&T close the damn deal. House sat vacant, heat pump ripped off (replaced by builder). Seriously banks, we wanted to give you money. We really did. Don't make this harder than it needs to be. We don't need an overheated housing sector, but money needs to flow in this economy for shiat to work.
 
2012-12-24 10:11:09 AM
Que esta "construction"?
 
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