Construction of new single-family and multi-family units has slowed in most markets across the country. According to a new report from the U.S. Department of Housing and Urban Development, new construction permits issued in July were off by 18 percent from the previous month.

According to the report, a total of about 937,000 permits were issued during July across the nation. This is a more than 32 percent drop in permits for all new residential construction from the same month last year, and down from the nearly 1,140,000 new permits issued in June of this year.

The number of new homes completed during the month also fell dramatically in July. More than 11 percent fewer homes were completed in July than in the previous month, while the year-over-year activity fell by almost 30 percent.

The decline in activity in the market for single-family homes was much less dramatic. According to the government report, July permits issued for single-family homes were off just over 5 percent from the previous month.

The government is betting on the passage of the Housing and Economic Recovery Act to reenergize markets around the nation. First time buyers on the North Shore Chicago Real Estate market stand to benefit from a $7,500 tax credit from the federal government.

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This entry was posted on Friday, August 22nd, 2008 at 8:19 am and is filed under Evanston Real Estate(t) , Northbrook Real Estate(t) , Northfield Real Estate(t) . You can leave a response.