In Bankruptcy, United Homes Awaits Auction
Comerford, Mike, Daily Herald (Arlington Heights, IL)
Bankrupt home builder United Homes Inc. is auctioning off homes and lots valued at $30 million in September, which is proving a frustrating wait for homeowners on neighboring properties.
About 100 homes and lots in Antioch, Cary, Crystal Lake, Palatine, Vernon Hills and Waukegan are among the 313 finished and partially finished single-family homes and home sites in Illinois, Arizona and Michigan to be auctioned.
Homeowners adjacent to the lots must wait for the sale before building resumes.
"In the short-term, there is going to be a lot of suffering as people nearby wait for their home values to appreciate normally," said Wally Davis, Midwest director of America Metro/Study Corp., a Hoffman Estates-based market research firm for the housing industry. "What they have there is probably a lot of sites where the land is just sitting there un-built upon."
Davis predicted it is only a matter of time before the sites are developed. The question remains, how much more time will it take? …