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Investing in Illinois Triplex Homes for Sale While Available

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By : John Cutts    99 or more times read
Foreclosure postings continue to slow down in Illinois, so investors are encouraged to explore and buy distressed triplex homes for sale and other investment homes in Illinois now while they are still available and affordable.

In June, the number of bank-owned Illinois foreclosure homes plunged by 20 percent from a little over 4,000 units in May to 3,273 units. Overall foreclosure filings also slowed down by more than two percent from the May total of 15,061 units to 14,732 units in June. The statewide ranking also dropped from eighth in May to ninth in June.

The chance of acquiring an attractively-priced foreclosure home for sale in Illinois is also getting competitive as the second-quarter and first-half foreclosure figures showed declines in foreclosure activities. In the second quarter, foreclosure postings slowed down by 0.47 percent to a total of 45,567 filings, and in the entire period from January to June, foreclosure filings dropped by 0.87 percent to a total of 85,223 filings.

With a still relatively high number of distressed single-family, duplex and triplex homes for sale and condos for sale, prices are still lower compared to previous years, but once these inventories are exhausted, prices would naturally shoot up, so prospective buyers are encouraged to make their purchases now.

In the second quarter, of the nearly 46,000 units notified of default and foreclosure, 26.54 percent or a total of 12,095 units were taken back by mortgage banks, a large number of which were posted in listings of foreclosed homes in Chicago, IL. Chicago is the most populous city in Illinois and in the whole Midwest region, with more than 2.8 million people living within the city. The metro area called Chicagoland, which includes areas in Indiana and Wisconsin, is home to about 9.7 million residents.

Investing in triplex homes for sale and in other residential properties in Chicago has great prospects for profits as Chicago is among the most well-known financial centers and among the top telecommunications and transportation hubs in the world.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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