In a press release last week, the CEO of Toll Brothers, Robert Toll rated many of the largest markets in the region.
The Chicago region received an F from the national homebuilder. The company based its grading system on its performance in each market. The Chicago area saw a cancellation rate for new homes of 38.9 percent, the highest of any city where Toll Brothers is active.
However, Chicago wasn’t the worst market for Toll Brothers. Michigan received an F minus from the company, as sales of single-family homes tanked in the state.
Toll Brothers currently has ten different projects underway around the greater Chicago area, with residences available in each development.
Sales of homes across the Chicago region are down as troubles in the mortgage market and high prices have forced many buyers to reconsider. According to the Chicago Association of Realtors, the number of Chicago Homes sold during the third quarter dropped by nearly 25 percent from the same period last year.
However, a recent move by the Fed to lower interest rates could rekindle interest in homes around the region as well as across the nation.
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