Permits for new homes plunge 40% in 12 mos.

Building permits issued for the construction of new homes in the Albuquerque metro area --which includes Rio Rancho, Los Lunas and unincorporated portions of Bernalillo and Valencia Counties -- declined more than 40 percent, to 254, in March 2008 compared to the same month in 2007, according to research firm DataTraq.

The city of Albuquerque issued the largest number of permits, with 94. Rio Rancho followed closely, with 87. Rio Rancho's March permits represent a 30 percent drop from March 2007.

The average number of permits issued in the Albuquerque metro for the year ending March 2008 dropped 35 percent from the same period last year, from 457 to 297. Average permits between the year ending March 2008 and the same period two years ago dropped about 62 percent, from 779 to 297.

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Ft. Worth, Texas-based D.R. Horton (NYSE: DHI) was issued the most permits for the year ending in March, with 514, which represented about 20 percent of all permits issued in the metro area. Michigan-based Pulte Homes (NYSE: PHM), Albuquerque's Longford Homes and Centex Homes (NYSE: CTX) of Dallas followed, with 380, 316 and 294 permits, respectively.

Almost a third of the permits issued in the metro in March were for homes in the $150,000 to $200,000 range. Two percent were for homes under $70,000, while 4 percent were for homes costing $350,000 or more.

The figures come from DataTraq's April 2008 Albuquerque New Housing Market Letter. DataTraq supplies housing permit data to several homebuilder organizations in New Mexico, including the Home Builders Association of Central New Mexico.