California Building Industry Association

The pace of home sales at California new-home communities was extraordinarily bad in October, primarily due to the global credit crisis.

Housing production in California in October was the lowest on record, prompting the California Building Industry Association to urgently call on state and federal lawmakers to act immediately to stimulate the moribund housing sector and create new jobs.

Housing affordability continued to increase during the third quarter throughout most of the state as a result of sharp price reductions fueled by waves of foreclosures, yet California is still home to five of the 10 least affordable markets in the nation.

The pace of home sales at California new-home communities continues to stumble along at a rate half of that of a year ago, demonstrating anew the need for additional measures to stimulate the housing market.

During its meeting in Monterey on Oct. 24, the CBIA Board of Directors elected new officers to guide the Association for 2009.
• Watch 2009 Chairman Horace Hogan II's speech

Analysts further reduced homebuilding projections amid new housing statistics showing a continued decrease in production levels across the board in September.

The California Homebuilding Foundation, in conjunction with the Sacramento Regional Research Institute, have released “The Economic Benefits of Housing,” a report which details the role new housing and the housing industry plays in the economic health of California.

Sales at California new-home communities in August continued to move along at a lackluster pace.