Residential slump rolls on as housing starts down for second summer

The City of Gaffney had no new housing starts in June for the second straight summer.

There were eleven housing starts in the county in June, down from 20 in June 2004, according to a monthly newsletter published by the Home Builders Association of Cherokee County.

The total value of the new homes in Cherokee County is $1,011,157.

The average price of the new homes was $91,923.

The Home Builders Association did not give a specific reason for the county’s housing decline.

“Taking a second look at the housing figures, we find it hard to believe that we are down 35 units or 40 percent from the same time frame last year.

“The Fed has raised rates, but the 30 year fixed mortgage rate is virtually unchanged from before the Fed increases. So, interest rates are not to blame,” the report stated.

“Maybe it is the rising price per square foot to buy or build a new home. Maybe it is the employment picture is not looking real healthy in our area.

“Whatever the reason for the housing slowdown, we hope it will soon reverse course, and by the end of the year, we will have as good a year as we had in 2004 or a better for housing than in 2004. But we have to overcome that deficit of the first six months and have a strong second half to do that locally.” The city’s largest commercial permit in June was for a new $1,369,800 addition at Central Baptist Church on East Montgomery Street.

The largest commercial permit issued in June in the county was for the new Rockin M C Arena on Boiling Springs Highway, valued at $985,679.

The total dollar figure for all permits issued by the city in June was $2,157,007.

The total building permit for the county was $2,959,071.