New Housing Starts

Nationwide, housing starts this past month were at an all-time low (they've been keeping records for 50 years). Hopefully, this will turn out to be good news as it likely marks the bottom of the market. Most builders seem to see it as a good trend as builder confidence had its most dramatic rise in seven years.

We've now got a long road ahead to clear out the existing inventory of foreclosures which took a big jump in the past month. To help clear out this excess inventory, the City of Manteca has recieved funding from the federal government to facilitate the sale, rehab and purchase of distressed properties. In partnership with the County and several non-profits, we are hoping to leverage a little over a million dollars in federal funding to ensure that dozens of homes are rehabbed and occupied by first time homebuyers. Local realtors and contractors will be utilized in this process and the City's existing waiting list of first time homebuyers will accessed to implement this program.