After struggling through some harsh years in the residential construction business, builders are feeling more upbeat as traffic to model homes picks up and people buy more newly built homes than at any time since the housing crash.
2016 was the best year for homebuilders in the Chicago area since the housing crash and a national measure of builder confidence, the National Association of Home Builders/Wells Fargo housing market index, reflected the highest optimism in 12 years this month. The housing crash hit in 2008.
“It’s a lot better than it was, but it’s still slow,” said Pat Cardoni, secretary of the Home Builders Association of Greater Chicago and managing broker for Cardoni Real Estate Development. He said business is still being held back by a lack of confidence among buyers and lenders.