Competition in the Philadelphia market is starting to heat up. Orleans Homebuilders, the No. 2 builder in the market in 2003, announced plans to acquire Realen Homes, which has operations in Philadelphia and Chicago. The move should expand Orleans' business in Pennsylvania and gives the East Coast builder entry into the Windy City's market. Realen delivered 429 homes in 2003, posting $145 million in revenue. Terms of the cash deal were not disclosed.

Learn more about markets featured in this article: Chicago, IL.