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California builders say housing slump will turn around this year

In a forecast released Thursday, the California Building Industry Association said developers will secure permits for 128,400 single-family and multifamily units this year, up from an estimated 116,250 in 2007. The 10 percent gain would stand in sharp contrast to the 29 and 21 percent drops in housing permits in 2007 and 2006, respectively.

"We believe that California has weathered the subprime storm of 2007, the market has almost corrected and that 2008 represents an opportunity to move forward," said Alan Nevin, the Sacramento association's chief economist, on a conference call.

Source: San Francisco Chronicle

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