The housing market continued to suffer from a drop in activity across the nation as buyers face a tight credit market and builders are seeing a decline in demand for new homes.
According to a report from the Commerce Department for the month of April, construction of new single-family homes fell by 0.4 percent from the previous month. It is the seventh straight month that construction activity has fallen across the country. The 0.4 percent decline was slightly less than the expected 0.6 decline that economists had predicted for the month.
An increase in foreclosures has led to a large inventory of homes sitting on the market in many areas around the country. Chicago led the largest metropolitan areas in the monthly increase in single-family homes on the market. The inventory of homes for sale jumped by nearly 6 percent in April in the city.
Builders are also facing added pressure to stay in business in the city. Neumann Homes, one of the largest builders in the Chicagoland region, filed for bankruptcy late last year, leaving many developments unfinished. However, the increase in inventory of homes is leading to many new opportunities for buyers on the market for Affordable Chicago Homes For Sale.
Technorati Tags: Chicago Real Estate, Chicago Homes For Sale, New Home Construction
