Homes Planned Despite Slow Market
Article by: Gene Ghiotto, The Press Enterprise (Riverside, CA)
By summer, the sounds of hammers pounding and power saws buzzing will be heard over parts of Lake Elsinore as two developers combine to build nearly 160 homes, even though the real estate market remains sluggish in the Inland region.
Recent figures released by MDA DataQuick of San Diego, a housing research firm, show that sales in the region were down by 6.5 percent in February from the same period last year while prices rose by 3.7 percent during that same period.
Joyce Aragon, president of the Inland Valley Association of Realtors, said unless the project had been in the planning stages for some time, there is no need to build housing. She added that there is a large inventory of bank-owned homes that have yet to come on the market.
"I simply don't understand it," Aragon said.
Representatives of the developers, Richmond American Homes of Irvine and D.R. Horton, which has an office in Corona, did not return calls seeking a comment.
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