''It's Economics 101,'' Tupler tells GlobeSt.com. ''Basic supplyand demand.''
He notes that 3,299 units were delivered to the metro areaduring the third quarter, more new product in any quarter since thelate 1980s. Also, year-to-date deliveries totaled 6,635 unitscompared with 3,061 units for the same time period in 2000. Infact, in the first nine months of the year, developers put moreunits on the market than in all of 2000, when the tally reached5,626.
Meanwhile, mortgage rates dropped to the lowest rate in decades,and homebuilders sweetened the pot making them even lower. That ledmore renters to become homebuyers.
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