The single-family home market remained strong in the Chicagoarea during the first half of 1987, but there was decidedly lessmultifamily housing construction, especially apartment buildings.
Bell Federal Savings and Loan Association reported that buildersobtained permits to construct 12,285 single-family houses here inJanuary, 11 percent more than the 11,078 permits obtained in the sameperiod in 1986.
Permits for multifamily housing units fell to 6,488 from 8,767.
"A decline in new multifamily housing was expected because thetax reform act Congress passed last year made investing in realestate less desirable as a tax shelter," said Edmond M. Shanahan,president of Bell Federal.
"If the upward trend continues the rest of the year, permits forsingle-family housing units in the area will exceed each of the lasteight years," Shanahan said.
During June, permits were issued here for 3,626 housing units -single-family, condos, town houses, duplexes and apartments -compared with 4,442 the same month last year.
For the first half of 1987, Naperville is by far the leader innew housing. During the period, the west suburb issued permits for989 units, all but 48 of them for single-family homes.
Second in the number of units was Schaumburg with 725 permits -297 of them single-family and 429 multifamily. Downers Grove wasthird with 656 permits - 236 single-family and 420 multifamily.
"Projections for the full year depend upon stable interest ratesduring the last half of 1987," Shanahan said.
He estimated the area would issue permits for 37,000 units thisyear, down from 41,141 in 1986.
But that still would make 1987 the second best year for the newhousing industry since 1986, when the area had 46,066 housing starts.
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