REAL ESTATE : Demand for Construction Loans Down in State, County
Lower home sales and higher interest rates have dampened demand for construction loans in California during February by a whopping 25.3%, and Orange County is no exception, figures show.
During February, only $18.9 million of construction loans were made in Orange County, compared to $31.2 million the previous year. Still, during the first quarter, $119 million of construction loans were made in Orange County, compared to only $100.2 million during the first three months of last year, according to TRW Redi Property Data, a Riverside data company.
According to a study of eight major states, real estate lending was down overall by 11.5%, TRW said.
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