The slowing housing market in the Chicago region has already claimed many victims, including developers who have gone bankrupt and homeowners facing foreclosure.
Orleans Homebuilders Inc, a Pennsylvania-based company, has decided to sell 480 lots in the Chicago area as a result of the slowing regional market. Sales in the Chicago region were down nearly 25 percent during the third quarter, when compared to the same period in 2006.
Orleans Homebuilders has already completed developments in Aurora, Oswego, Bolingbrook, and Woodridge, but has cancelled other future developments in the area. The company has also sold several lots in other parts of the country that are performing below expectations.
The company sold a total of 1,400 lots nationwide in markets such as Florida and Arizona, where sales have fallen through the floor in recent months. The company sold its holdings to nine different buyers, who remain anonymous.
The increase in foreclosures and rising inventory of Chicago Homes For Sale on the market haven’t led to lower prices in the region. The average sales price during the third quarter across the Chicago suburbs was up by nearly 5 percent.
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