Politics & Government

A Mount Pleasant Housing Rebound?

More new homes under construction than in 2007 and 2008, figures show.

Mount Pleasant this fiscal year will issue more home-building permits than any year since the start of the economic recession.

With three months left in the fiscal year, the town has written 294 permits. That's just shy of the 300 written last year and more than the 290 written in the 2007-2008 fiscal year, according to town records.

Every month since October 2011 has shown strong demand for new home construction, records indicate. In April 2012 alone, the town issued 66 permits to build new homes. That's the best single month since May 2007.

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The numbers speak well of demand East of the Cooper. Realtors have said for months that there is plenty of interest in new homes here, but just not that much supply.

"The inventory is just extremely low," "Most of the foreclosures here are properties that are not in the best shape. For homes under $400,000, we are seeing multiple offers."

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Earlier this month, just north of Carolina Park in Mount Pleasant.

But the numbers do not show a complete rebound. In the run up to the national housing market meltdown in 2004 and 2005, Mount Pleasant issued 1,128 home building permits.

But even a slight rebound is positive news, said College of Charleston economist Frank Heffner.

"The fact that they are getting financing for these homes is pretty big," Heffner said. "That shows there is some confidence and that some of the financing faucets are defrosting."


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