REAL ESTATE
One explanation for the skyrocketing home prices may be that housing construction in Orange County has dropped dramatically, according to the Construction Industry Research Board in Burbank.
Construction permits issued for single-family units through April--the latest month available--fell 15%, from 3,841 last year to 3,270 this year.
In multifamily residences--apartments, condos and townhouses--permits fell even more, by 34%.
From 6,136 units last year, permits dropped to 4,024 units this year.
Total drop for all types of housing: 27%, the research organization said. Statewide, the drop in permits through April was only 20%, and was an even lower 18% for all urban areas.
Builders say high land prices have made finding suitable land for building in the county difficult. It also takes longer to get permits from county government, builders say in explaining the drop.
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