Aug
27

New Chicago Real Estate Not a Hot Commodity

August 27, 2011

The issuance of building permits is closely watched by those in the real estate industry because they point to future home construction and the state of the market.

Some states have completely stopped building new homes because there are so many existing homes already for sale.

The financial website 24/7 Wall Street studied building permits in each state and compiled the list: “States Where No One Wants to Buy a New Home.”

Old Tools in rack on workbenchIllinois is at No. 3.

The list measured the total number of building permits issued for the first half of this year and ranked the states by lowest percentage of new permits to total housing units.

Illinois’ percentage was a dreary .09 percent. According to the site, our state has seen an 84.18 percent drop in new housing permits since 2005. That’s the third largest drop in the country.

But, there are efforts in place to assist the situation.

“There are a number of initiatives being made across the state to improve the housing markets,” reported the site. “In Chicago, for instance, Mayor Emanuel has made a number of changes to increase the speed with which building permits are issued. Additionally, a “Micro-Market Recovery Program” has been introduced to slow the city’s foreclosure rate.”

To learn more about those two initiatives, visit:

Chicago Real Estate Approvals to Become Easier

Chicago to Address Foreclosure Crisis by Community

Back to the “States Where No One Wants to Buy a New Home” list. To see the full report, visit 247wallst.com.

Here are the top 10 states that made it and their statistics:

1. Rhode Island

* Building permits/total housing units: 0.07%

* Decline in building permits 2005-2011: -70.81% (22nd largest)

* Building permits 2011 YTD: 312

* Total housing units: 463,388

2. West Virginia

* Building permits/total housing units: 0.09%

* Decline in building permits 2005-2011: -72.71% (17th largest)

* Building permits 2011 YTD: 774

* Total housing units: 881,917

3. Illinois

* Building permits/total housing units: 0.09%

* Decline in building permits 2005-2011: -84.18% (3rd largest)

* Building permits 2011 YTD: 4,897

* Total housing units: 5,296,715

4. Michigan

* Building permits/total housing units: 0.09

* Decline in building permits 2005-2011: -82.19% (7th largest)

* Building permits 2011 YTD: 4,250

* Total housing units: 4,532,233

5. Connecticut

* Building permits/total housing units: 0.09%

* Decline in building permits 2005-2011: -74.06% (14th largest)

* Building permits 2011 YTD: 1,403

* Total housing units: 1,487,891

6. Ohio

* Building permits/total housing units: 0.12%

* Decline in building permits 2005-2011: -76.61% (12th largest)

* Building permits 2011 YTD: 6,184

* Total housing units: 5,127,508

7. Massachusetts

* Building permits/total housing units: 0.12%

* Decline in building permits 2005-2011: 69.55% (24th smallest)

* Building permits 2011 YTD: 3,402

* Total housing units: 2,808,254

8. New York

* Building permits/total housing units: 0.14%

* Decline in building permits 2005-2011: -61.85% (12th smallest)

* Building permits 2011 YTD: 11,033

* Total housing units: 8,108,103

9. Maine

* Building permits/total housing units: 0.14%

* Decline in building permits 2005-2011: -77.09% (11th largest)

* Building permits 2011 YTD: 1,000

* Total housing units: 721,830

10. Pennsylvania

* Building permits/total housing units: 0.15%

* Decline in building permits 2005-2011: -60.29% (11th smallest)

* Building permits 2011 YTD: 8,136

* Total housing units: 5,567,315

Categories: Economy

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