November housing markets sluggish

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GREENSBORO – November abstracts appearance added bad account for the apartment and architecture industries.

Business was apathetic in home sales and home construction, something not altogether abrupt to absolute acreage brokers like Kevin Green.

“With the aggregate of a presidential election, the affliction bread-and-butter times we've apparent in this country in a decade and again the anniversary division advancing in, it absolutely was a absolute storm for crumbling numbers," Green, with Yost & Little Realty Inc., said.

In Greensboro, 303 homes were sold last month, compared to 476 in October. Brokers don't expect December to be much better, but they say they do see a light at the end of the tunnel.

“I do believe that we'll see some improvement as we go into the first quarter and the second quarter of 2009," Green said.

Construction of new homes also plummeted in November by the largest amount in a quarter-century.

Numbers released by the U.S. Department of Commerce show nationwide, new home starts fell by 18.9 percent.

And even though people aren't buying or building, they're not remodeling either, according to Marc Cockerham, with Bella Construction in Greensboro.

Cockerham said in October of last year, his company was working about 14 jobs. This October, it had four.

“I know that the credit crisis affected us. I know that I personally talked with folks who before could get plenty of lending through a home equity line and now things have gotten so tight that they can't tap into that," said Cockerham.

Industry insiders tell him the future isn't looking so bright either.

“I'm hearing 18 months and I'm hearing 6 months, so we're planning on 2009 being a wash,” he said.