The slump in sales of single family homes around Chicago has claimed its newest victim. Neumann Homes, one of the largest homebuilders in Chicago, has filed for bankruptcy.
The company announced the decision on Monday evening after several unsuccessful attempts to find financing for their activities.
If you have bought a home that has not yet been built from Neumann Homes, the company has already taken steps to return the money.
The company will ask the bankruptcy court to immediately refund money to customers in this situation, according to company officials.
Neumann Homes was active in Chicago, Detroit and Denver. All of these markets have been hit by a sharp decline in home sales.
According to the Chicago Association of Realtors, the number of homes sold in the city dropped by more than 25 percent during the third quarter of 2007.
A total of 1956 homes were sold in the city during the quarter, the lowest total since 1992.
Sales of single family homes in the suburbs are also down. Total sales during the third quarter of 2007 were almost 40 percent lower than the peak of 2005.
Buyers looking for Chicago Homes should find excellent deals in the next few months as prices continue to drop around the area.
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