The economy is taking a big toll on home sales and construction, locally. New home permits are down and home builders left with empty walls.

Many builders are dealing with a flooding of inventory and holding their breath waiting for Washington to make a move.
 
More and more homes are remaining empty and home builders are holding on to more inventory than ever.

“Its really hard right now, it’s probably the toughest time in the history of this industry,” said Frank Finlaw, Charleston Division President for Beazer Homes.

Builders say they are used to the ups and downs of the home market but this is different.

“Its the perfect storm, you have a tremendous amount of foreclosed property out there, you have lots of people with houses on the market who cant sell them,” said Finlaw.

It’s a storm leaving potential home buyers at bay.

“Consumer confidence, people are scared to death about what’s going on and number two the lack of credit, of course the upheaval in the mortgage industry where before, obviously, those who shouldn’t have been buying homes who were buying homes who couldn’t afford it, now its the other way around people who have good sound credit are unable to get mortgages,” said Finlaw.

But Vice-President of the Trident Homebuilders Association, Phillip Ford says panic and rumors are making the situation worse.

“I just refinanced my house, my in laws just bought a new house. There are mortgage options out there you just have to look for them. There are opportunities out there, its not dried up,” said Ford.

Home builders are hoping for a solution and waiting on Washington. Until then homebuilders say not many will be pulling in anytime soon.

The homebuilders association says the boom in 2005 doesn't help the situation because many builders simply overproduced.