Empty residential properties, including unoccupied fixer upper homes for sale, have increased in various suburban areas of Illinois in the past decade. According to local officials, these vacant homes are causing local municipalities to lose revenue from real estate taxes and can also mean fewer customers for businesses in the region.
Statewide data showed that property vacancy rate almost doubled since the start of the decade up to 2010. Majority of Chicago foreclosures are vacant, with the metro area having a vacancy rate of 12.5%, which is much higher than the statewide vacancy level of 8.7%. In addition to the empty premises, the region also has a huge inventory of unfinished homes that were abandoned by home builders who have gone bankrupt.
Most of the empty foreclosures in Illinois can be found in the suburbs, with Fox Lake having the highest vacancy rate; around 15.2 of every 100 residential units are vacant in Fox Lake, according to 2010 data issued by the U.S. Census. North Chicago has a rate of 14.5 for every 100 units, while Oakbrook Terrace and Wonder Lake have 12.7. Mettawa's rate is 11.8, while Zion has 11.3. Barrington Hills has a vacancy rate of 10.4 for every 100 residential units.
Green Oaks has the lowest vacancy rate, with only 2.8 vacant units for every 100 residential properties which include fixer upper homes for sale and other unsold distressed properties. Other areas with low vacancy ratios are Bartlett, at 3, and Sugar Grove, Spring Grove and Kaneville all having a rate of 3.1.
According to local housing market analysts, there are various reasons why houses remain vacant for months or years, but the biggest percentage of these empty dwellings are accounted for by bank foreclosures for sale and distressed properties. They stated that foreclosures have forced a lot of residents to abandon their properties, with these homes set to remain vacant for long periods of time.
They also revealed that foreclosed properties, including fixer upper homes for sale, and short sale transactions have caused property values to decline in the region, causing further deterioration in the real estate market. Analysts stated that it would take at least three years for the area's housing market to recover.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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