Housing starts fall; Chicago builders remain happy-go-lucky

A little more wind was sucked from the real estate market today with the news that U.S. housing starts fell 2.5 percent in July to their lowest level in nearly two years, according to the U.S. Commerce Department. In Chicago, Appraisal Research Counselors says it’s likely that many of the 22,000 – 22,000! – proposed units the housing analyst is tracking will be scrapped or postponed given the massive amount of potential inventory.

Still, Appraisal Research expects builders to introduce even more new homes to the city market in ’06 than they did in the boom years of ’04 and ’05.

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