Housing starts down 50 percent

The Associated Press

New-home construction continues to slump in the Flathead Valley and across Montana.

Flathead County housing starts are down 50 percent from the first quarter a year ago, according to the Montana Building Industry Association.

In first-quarter figures released Wednesday, the association said housing starts in Montana have declined for the seventh straight quarter and 48 percent from last year.

Flathead County had 50 single-family housing starts so far this year, compared to 100 last year. In 2007 the number was 179 and in 2006 it was 221. The peak first-quarter housing number was 276 in 2005.

Silver Bow County had a first-quarter decline of about 66 percent compared to last year. Gallatin, Missoula and Cascade counties all had first-quarter declines of more than 50 percent.

Statewide, there were 424 housing starts in the first quarter this year, down from 829 a year ago.

MBIA Director Dustin Stewart says "things could obviously be better," but looking on the bright side, buyers can find great values. He also says that beginning in May, first-time home buyers will have a better opportunity to get down payment assistance.