RealtyTrac reports that the state of Illinois has recorded a 31 percent rise in the rates of their foreclosures this October. The California-based firm also said that the national rates are up as well.
Chicago recorded higher number of foreclosures in 2010 compared with the previous year. According to real estate brokers, a big percentage of houses for sale in the city was foreclosed or distressed.
Chicago foreclosure homes are not the only evidence of the housing market crisis. Athletics facilities, like the one owned by Michael Jordan's former trainer, have also been affected.
Illinois homeowners worried about their houses becoming foreclosed homes can take some relief from their governor’s efforts. Governor Quinn has just signed a law amending the state’s home foreclosure law, extending the grace period for defaulting borrowers to seek counseling and find remedies to make their loans current.
A bill that will impact how bank foreclosed houses for sale in Illinois are sold is being questioned by the Sheriffs' Association despite reaching the governor without a hitch.
The still high number of Illinois foreclosures reflects current challenges faced by the state, but it also presents opportunities for investments. Nearly 80,000 homes were notified of default and foreclosure in the first 5 months of 2010.
Foreclosures in Chicago continued to surge in the suburbs in 2009, according to Woodstock Institute. Foreclosures also pushed down home prices in the counties of Kane, Kendall and DeKalb.
As the foreclosure crisis rages on, more foreclosed commercial and residential properties are being added to the state's growing list of repossessed properties. Unfortunately, no one is immune from such pitiful situation.
The current condition of the housing market is said to be ideal for buying distressed homes as most major cities in the U.S. recorded increased number of foreclosed properties in 2010.
Illinois foreclosures could surge again with the state owing close to $4.7 billion in unpaid bills and a general revenue balance of negative $4.69 billion as of June.
The city of Elgin is using the method of house flipping to lower the stock of residential and mobile foreclosures in the area. The program is being supported by the federal government through NSP.
The recent influx of a large number of Illinois foreclosures for sale at highly reduced prices has now made it possible for prospective home buyers to make a smart real estate investment in one of the best residential areas in the country. The areas booming economy, appreciating property value, quality educational and cultural institutes, friendly and well rounded communities located in some of the most prime neighborhoods in the country coupled with the availability of a wide range of development and community centered programs makes buying a property through Illinois foreclosures a highly beneficial venture.
Rockford foreclosures drove down home prices by up to 43 percent in 2009 as unemployment continued to rise in the area. The jobless rate of Rockford rose to 16 percent in December, far above the nationwide rate of 10 percent.
Chicago foreclosure homes are being curbed by a partnership among a group of title attorneys, a nonprofit and the city of Chicago. Foreclosure filings soared in the Chicago area by over 10 percent to 22,658 in 2009.
Illinois foreclosures pushed down the median home sales price statewide by nearly 15 percent in 2009. More than 131,000 homeowners across the state received default and foreclosure notices in 2009, representing 2.5 percent of all households.
The city of Elgin is planning to require owners of vacant townhouse homes for sale and other residences to register their properties, undergo inspections and acquire insurance.
The pace of Illinois foreclosures surged in April, posting a record rate of 33 percent, the highest among the top-ten foreclosure-hit states. Nearly 20,000 homes got hit with filings in April.
Detroit foreclosure homes are still surging and are still causing a lot of concern despite improvements in starter home sales, new home starts and the median price. The sales price median rose from $63,734 to $67,000 in the Detroit metro area in February.
The current economic crisis in the United States has caused a rash of foreclosures not only for the low and middle-income families but has slowly crept to affluent homeowners.
Rockford foreclosures surged in 2009 as unemployment worsened in the area. Foreclosure activity rose in 2009 by more than 16 percent from 2008. The jobless rate, meanwhile, rose to an adjusted rate of 16 percent in December.
Print This Article
Add To Favorites