Chicago Illinois Real Estate Blog

It has been reported that builder confidence has dropped again, now to the lowest reported levels in over 5 years.

As a recessed overall economy has let to cut backs in markets across the board this should come as no surprise.

The Chief Economist of the National Association of Home Builder(NAHB) was quoted saying:
“We have a serious supply/demand imbalance in the housing market, coupled with a weakening job market, and stringent credit market conditions, and that is negatively impacting the multifamily sector,” said David Seiders, NAHB’s Chief Economist.

He says even in those markets where the rental apartment demand and supply are in balance — or where demand exceeds supply — multifamily developers have been unable to get new projects started because of the ongoing credit problems in the capital markets.