Buyers of single-family and condo foreclosures for sale in Illinois in the first three months this year got among the biggest price discounts in the country, based on a foreclosure sale report.
The more than 8,400 units of distressed and foreclosed homes that changed ownership from lenders and short sellers to buyers in the first quarter were sold at an average price of $133,590, lower by 39.11 percent than the average selling price for non-foreclosed homes.
This price discount gained by people who acted on their plans to purchase foreclosure houses and short sales in Illinois during the quarter was the third biggest discount posted by a state. The biggest price discount was posted by Ohio, followed by Kentucky.
The average price discount for bank owned single-family and condo foreclosures for sale was even higher at 45.88 percent. The average discount for pre-foreclosure sales was 19.32 percent. Sales of distressed homes and units repossessed through home auctions in Illinois accounted for 33.94 percent of all home sales in the state during the quarter, a lower percentage compared to previous time frames.
In the same quarter, foreclosure filings in Illinois also slowed down by 5 percent from the preceding quarter to 45,780, although they marked a jump of 18 percent compared to filings one year earlier. Almost 33 percent of these were bank owned and almost 23 percent were posted for foreclosure sales, a substantial number of which were posted for Chicago foreclosure auctions.
Some local real estate professionals said that the condo sector in Chicago, particularly the luxury condo subsector, will recover much faster than the single-family sector because the metro-area condo inventory has been declining significantly and that no new high-rise buildings are being built.
The vacancy rate for rental condos has also been falling. In June, the number of vacant rental condos dropped from 1,927 to 1,286. If more condo foreclosures for sale continue to be sold, the condo sector will indeed recover faster than the single-family sector.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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