New home construction fell to an all time low in February 2011, with an annualized national number of building permits at 517K. In Eugene Springfield new residential building is very slow right now. New building permits issued in January were reported to be 27, down 13% from January 2010. 466 building permits were issued in Eugene Springfield for all of last year.
Distressed properties are often cheaper than replacement cost, and there’s a lot of inventory of all types of houses to be sold; until both of those change, I don’t expect new house building to pick up much.
It’s still a great time to buy, though. Prices are down in Eugene Springfield and there are some great values.