Data from the construction industry did little to calm fears of a deeper drop in demand for real estate across the nation. According to data released by the Commerce Department on Thursday, construction of single-family homes was off by 5.3 percent in June.

However, when looked at in conjunction with construction of multi-family units, the indicator showed an increase in activity nationwide. Construction of all types of residential units was up by 9.1 percent across the country, spurred by a notable increase in the construction of apartments in New York City.

The 5.3 percent drop in construction of single-family homes, however, brought the seasonably adjusted rate to a 17-year low. At the current rate of construction, 647,000 new homes would be built around the country this year.

In further bad news for the housing industry, jobless claims were up yet again. The number of new applications for unemployment benefits rose to 366,000, the highest since late last month. Jobless claims generally set the tone for the market, and a higher unemployment rate often leads to a downturn in residential sales. However, this came in ahead of expectations on Wall Street.

However, for buyers on the market for North Shore Chicago Real Estate, the drop in demand could lead to some great deals on homes in the area.

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This entry was posted on Thursday, July 17th, 2008 at 7:39 pm and is filed under Evanston Real Estate(t) , Deerfield Real Estate(t) , Lake Forest Real Estate(t) , Lake Bluff Real Estate(t) . You can leave a response.