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New Home Construction Appears To Be in a Modest Rebound

REAL ESTATE: Industry Posting Modern Lows for New Starts

Mike Allen, SAN DIEGO BUSINESS JOURNAL

Monday, October 12, 2009

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Kelly Cunningham, an economist with the National University System Institute for Policy Research, says the number of residential permits issued this year probably won’t break 3,000 units, the lowest since 1960.
And, he’s seen older records that show the lows for permits was in the early 1930s when the city (there wasn’t a county then) approved only 5,000 units, Cunningham says.