Housing Slowdown in Chicago

Crain's Chicago Business reports:

Recession is rippling through the homebuilding industry, one of the area's biggest employers, with nearly 285,000 workers, from architects to carpenters. Contractors and developers have slashed payrolls and stopped building houses on "spec," meaning before finding a buyer. Many are cutting prices to goose demand, and the median sale price for single-family homes fell 1.7% to $299,470, the report shows.

Experts predicted the new-home market would hit bottom this spring after six straight quarters of falling sales. But recovery now appears further away, particularly in the city, where developers continue to build despite the precipitous drop in sales.

From a county that's losing population the last 7 years !