Homebuilders in California are not the only ones busy during the last couple of months in a surprise surge, according to Dan Burns in Reuters.
“Groundbreaking on U.S. single-family homebuilding projects surged in May by the most in more than three decades.”
The Commerce Department said it reached a seasonally adjusted pace of 1.6 million units per year. This statistic indicates that homebuilding increased at the fastest rate since January 1990.
Permits for future construction also climbed suggesting the housing market may be turning a corner. Homebuilders are liking this market because the “rate-locked” present homeowners are not selling, making new homes much more available to the present buyers.
Throughout many of the populated California Counties, such as Marin, Sonoma, Santa Cruz, Sacramento and others, there are plenty of buyers increasingly looking at new construction and many builders are enjoying the improved supply chain which has lowered material costs.
If you are looking to purchase one of the more available newer constructions, consider a privately financed mortgage through Sun Pacific Mortgage. We are not limited to providing loans to the “pristinely perfect” credit score population. Property condition is also not an issue with us. Our Lenders have an interest primarily in the equity available in the property so a good down payment or existing equity on real estate you want to pull cash out on, is what is concentrated on.
If you are considering buying or refinancing in California or Hawaii, give us a call at 707-523-2099 or find us at www.sunpacmortgage.com.
