Builders are facing one of the most difficult markets in recent memory as the number of new homes under construction around the country hit the lowest level in 16 years.
According to numbers released by the U.S. Commerce Department, construction of new homes and condominiums fell 3.7 percent during November. The number of new homes under construction was down 5.5 percent. New homes under construction have dropped by 24.2 percent from the same period last year.
A weak real estate market has led to a marked increase in foreclosures. Banks and lenders have tightened their loan requirements, meaning the end of readily available credit for many potential buyers around the country.
Many national homebuilders are facing bankruptcy concerns as a result of the downturn in the market. Neumann Homes was the most recent victim. The company went bankrupt last month, leaving several developments unfinished around the Chicago area.
However, falling prices could mean great deals for buyers looking to get in the market around Chicago. Browse through amazing Chicago Homes For Sale in neighborhoods all over the greater Chicagoland region.
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