Home builders feeling economy's pinch

Lexington Herald-LeaderOctober 1, 2008 

Looking for tangible signs of the credit crunch and economic turmoil across Central Kentucky's landscape?

Here are two: noticeably fewer houses being built throughout the region, and more half-completed houses dotting the landscape.

Central Kentucky home builders say the credit crisis — especially banks tightening up on loans for builders and buyers — is hitting them hard.

Not only are fewer houses getting started in Lexington, fewer homes are getting finished as builders run out of money and can't borrow more from the banks, said Dewey Crowe, director of building inspection at the Lexington-Fayette Urban County Government.

The number of building permits voided because of inactivity for more than 180 days is slowly rising, he said.

Overall, new home construction in Lexington has fallen every year since 2005, and through eight months this year the numbers are way down, according to a Herald-Leader analysis of building permits.

Read the complete story at kentucky.com

McClatchy Washington Bureau is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service