New Home Construction Suffers Alongside Struggling Housing Market

Around 54,000 new homes were built in the Chicago area in 2005, but only about 3,000 building permits have been issued so far this year to start construction on new housing, Voice of America reported on September 2, 2011. "The new home construction, at least in Chicago, is down over 90 percent from where it was in 2007," Hine Lumber President Doug Jones told VOA. Hines is down to four locations and "a little over 100" employees after having 27 locations and more than 1,200 employees at its peak.

The roughly 323,000 new homes sold in the United States in 2010 was the worst year on record since 1963, according to VOA. Builder Hal Stembridge, who started his construction business in 1979 during a recession, directed his anger at the government when he told VOA, "They've bailed out the banks. They've bailed out Wall Street. They've bailed out the car companies. But the largest employer in the United States is still suffering and that's homebuilding."

New home or old, all of us have somehow felt the impact of the economic downturn. If you do not want to wait any longer while the government bails out everybody else, you should take control of your destiny and get deserved relief today. Our bankruptcy law firm can help you with a bankruptcy means test and determine if the Chapter 13 or Chapter 7 process is right for you to help end creditor harassment. If you want an affordable bankruptcy now so you can eliminate bills and stop foreclosure, call one of our Chicago bankruptcy attorneys today.

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