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Wed February 15, 2012
Fewer new homes available for buyers in southeast Michigan
There is a growing shortage of new homes in southeast Michigan. That could be good news to the region’s home builders who have been struggling since before the recession began.
New home construction bottomed out in southeast Michigan in 2009 when few people were in the market for a home, new or not.
Last year, the number of home construction permits tripled, but still demand for new homes outstripped the supply.
Edsel Charles is the chairman of Market Graphics, a Tennessee firm that follows the new housing market in southeast Michigan. He says it will soon be difficult to find a new home in the eight county region.
"We’re seeing that probably eight months from today…some 28% of this market…will have no more new homes left," says Charles.
Michigan home builders say tight money lending by most banks is slowing new construction and limiting the number of potential buyers.