Home Market Crunch

Home Market Crunch
By: Wes Wallace

CAPE GIARARDEAU, Mo. - Despite the record high for the Dow Jones Industrial Average, there's another market that's not doing so well.
According to the National Association of Home Builders/Wells Fargo, the new home building index is at a 16-year low.   However, at least one Heartland home construction president said that's not the case locally.
"Cape Girardeau is down a little bit. It never gets really good.  It never gets really bad,"  said Mike Peters, President of California Homes of Missouri. "The market nationally is on a downside a little bit, but it's on the upswing here."
Peters said Cape Girardeau seems to be insulated from a lot of national trends for various reasons.