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Sales of Distressed Homes and Other Residences Declined in Illinois

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By : John Cutts    99 or more times read
Total number of residential properties, including distressed homes, that were sold last year in several counties of Illinois recorded a decline compared with previous periods. The counties of Madison and St. Clair both posted a decrease in sales figures in 2010 compared with each of the previous four years.

All types of residential properties as well as non-foreclosure and foreclosures in Springfield IL and in other markets of the state recorded decreases in 2010. In Madison County, 2,495 housing units were sold last year, while St. Clair County was able to sell a total of 2,262 units over the same period. The decline mirrors the statewide and nationwide trends recorded in 2010.

Last year, a total of 103,710 housing units, including non-foreclosed and foreclosed homes in Illinois, were sold. This total represents a 3.8% decline compared with 2009 levels. Despite the year-over-year decrease, December figures showed some improvements, with statewide sales for the month climbing by 11% compared with November 2010. This, along with other signs, led some housing market analysts to believe that 2011 will be a better year for the Illinois real estate market.

According to them, another good sign for the residential property market is that interest rates have started climbing by the end of last year. Rates were around 4.8% last December, and analysts believe that this will lead buyers to purchase distressed homes and other residential properties in the hope that they can take advantage of the low rates before they start climbing again. They added that rates below six or seven percent are considered great bargains and buyers should take advantage of them.

Industry analysts also stated that there are still a big number of willing and able buyers of properties out there, particularly low-priced homes in foreclosure listings. They claimed that these buyers are still waiting to see if prices will decline further before making their purchases, and most of them will likely enter the home-buying market this year.

Majority of housing experts agree that foreclosed and distressed homes will continue to rise in 2011, but the year will be the period when the housing market will hit bottom. They stated that the property market of Illinois will improve this year as well as the national market .
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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