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Area homebuilding permits jump 21 percent

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Home builders in the Indianapolis area saw a surge in business in July, keeping residential construction activity ahead of last year’s pace.

Builders in the nine-county area filed 373 construction permits in July, a 21-percent increase from the same month a year earlier, according to the Builders Association of Greater Indianapolis.

Through the first seven months, building permits in the metropolitan area totaled 2,456, a 10-percent increase from the same period in 2011.

BAGI Executive Director Steve Lains attributed the jump in activity to improving consumer confidence and historically low interest rates. The national average rate for a fixed 30-year mortgage recently fell below 3.5 percent for the first time.

"People are sensing that now is the time to buy," Lains said. "They want to get the best interest rate and they don’t know if it will go any lower."

But home builders this year have yet to string together more than two straight months of positive building activity on a year-over-year basis.

Permit filings dropped in January, April and June, but were up in February, March and May.

July’s strong results were not helped by activity in Marion County, where builders filed 50 permits, or 15 percent fewer than in July 2012.

But permit filings in Hamilton County surged 35 percent, to 161.

Hendricks County saw 46 permits, a 10-percent increase. The most notable improvement was in Johnson County, where builders filed 46 permits, up 64 percent.

While home building is up, activity is far behind the pace set before the recession. Almost twice as many permits were filed in the first seven months of 2007 as in  the same period this year.
 

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  • really whats happening various on details
    the june 21 marion county auction of abandoned houses of $300-$500 and up maybe had a 1000 buyers seeking a permit to repair something so here so they can rent them out,for the last 4years some 20,000 plus have sold thus the activity being reported i would guess created the higher numbers,plus foreigners are large percetage of buyers nowdays to become future land barrons- as indiana natives disappear

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  1. If I were a developer I would be looking at the Fountain Square and Fletcher Place neighborhoods instead of Broad Ripple. I would avoid the dysfunctional BRVA with all of their headaches. It's like deciding between a Blackberry or an iPhone 5s smartphone. BR is greatly in need of updates. It has become stale and outdated. Whereas Fountain Square, Fletcher Place and Mass Ave have become the "new" Broad Ripples. Every time I see people on the strip in BR on the weekend I want to ask them, "How is it you are not familiar with Fountain Square or Mass Ave? You have choices and you choose BR?" Long vacant storefronts like the old Scholar's Inn Bake House and ZA, both on prominent corners, hurt the village's image. Many business on the strip could use updated facades. Cigarette butt covered sidewalks and graffiti covered walls don't help either. The whole strip just looks like it needs to be power washed. I know there is more to the BRV than the 700-1100 blocks of Broad Ripple Ave, but that is what people see when they think of BR. It will always be a nice place live, but is quickly becoming a not-so-nice place to visit.

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