With the housing market in its fourth year of recovery, construction of single-family homes and multifamily rentals is rebounding.
Not so for condo construction, which has been slammed by tough rules on condo mortgages enacted after the housing bust as well as stronger demand among young people for rentals and tight lending conditions for builders.
In the first quarter, condo construction accounted for just 5.5% of all construction of multifamily housing in the U.S. That was the lowest ratio since the Commerce Department started tracking the figures in 1974, and far below the 24% average.
Source: www.wsj.com
Condo construction has been slow to recover in most markets due to tough rules on condo mortgages enacted after the housing bust as well as stronger demand among young people for rentals and tight lending conditions for builders.
In 1Q 2015 condo construction accounted for just 5.5% of all construction of multifamily housing in the U.S., the lowest ratio since the Commerce Department started tracking the figures in 1974, and far below the 24% average.