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Homebuilders cemented down by credit crunch.(News)
- Article from:
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The Saturday Star (South Africa)
- Article date:
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August 30, 2008
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BYLINE: David Pincus
Given that the residential market hasn't yet recovered from the pounding it has taken from the National Credit Act and the spate of rate hikes, it comes as no surprise to learn that homebuilders are having a torrid time.
Many would love to build their own homes but are short of cash, and the National Credit Act's stringent conditions disqualify them for loans big enough.
Residential building statistics released by Stats SA for the first half of 2008 suggest that conditions in this segment will probably remain subdued into 2009, says Jacques du Toit, Absa Home Loans' senior property analyst.
The real value of plans approved by local ...