My friend, Mary Umberger of the Chicago Tribune's real estate section, had an interesting paragraph in this morning's Trib.
Chicago area builders "according to a study by Metrostudy...builders are sitting on 63,000 vacant lots." This represents a 22% DECREASE in the number of unsold lots.
Now, that's a lot of land that the builders are holding. And, they're paying interest, taxes and doing engineering work to get the streets and utilities in. And, many of their spec homes are still sitting unsold. I suspect that some builders are getting desperate as this market slowdown has been going on for a year.
So, the take-away? It's a great time for a buyer, especially if he doesn't have a property to sell. Builders are very happy to see you.
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