Buying Round Lake repo homes for sale while prices are still affordable and while the inventory still provides plenty of choices is a smart decision, as foreclosure activity throughout Illinois is slowing down.
In May, the number of repo homes in Illinois fell by 14 percent to just over 4,000 units, and total foreclosure filings decreased by 20.2 percent to just over 15,000 in May. Nonetheless, investors and other buyers interested in repossession houses still have a lot of home buying opportunities in Illinois as there were nearly 24,000 units which entered bank listings in the first five (5) months this year.
Of the almost 80,000 residential units that became distressed from January to May, a big portion of these eventually became foreclosed and repossessed, adding more to the foreclosure inventory in the state.
One provider of foreclosure listings currently has 398 units of Round Lake repo homes for sale. Among these are a 1,472-square-foot single-family house priced at $160,943; a three-bedroom condo priced at $106,392; and a 1,854-square-foot single-family priced at $100,200. The lowest-priced is a two-bedroom house priced at $17,450 and the highest-priced is a four-bedroom single-family unit priced at $415,000.
There are also currently 247 previously owned homes up for sale, and the average listing price for all kinds of homes is $180,780, lower by one percent from the previous week. The median price for all homes sold during April was $157,000, which marked an increase of $1,000 from the median price recorded one year earlier.
The 20.2-percent month-over-month foreclosure slowdown in Illinois was more substantial than the slowdown nationwide, which was only 3.3 percent. This showed that Illinois is among the states recovering from the housing meltdown. Chicago, the largest city in the state and in the Midwest, also experienced fewer foreclosure postings in May.
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