Negative equity is driving the continued rise in bank repo homes, according to Deutsche Bank analysts. They predicted that 48 percent of all mortgages will be underwater by 2011.
Illinois has its own complex and confusing landlord tenant laws, regulating everything to lease language to security deposit caps to eviction notice rules. Here's a shorthand version of those laws, to help Illinois landlords navigate these often treacherous waters.
The number of foreclosed homes increased by 25% to nearly 280,000 in October this year from October 2007, according to foreclosure tracking company RealtyTrac.
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.
Buying foreclosed houses in NSP-funded cities and counties such as Chicago, Phoenix and Los Angeles could be advantageous for two types of buyers: low-income families and investors looking for cheaper properties with the greatest potential for price appreciation.
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.
New York foreclosures for sale dropped in October as more troubled homeowners successfully negotiated loan modifications with their lenders. According to the Treasury Department, nearly 28,000 troubled New Yorkers were able to modify their mortgages as of October 31.
Six western suburban areas have partnered to fight the growing blight caused by foreclosures in several neighborhoods in Illinois. The partnership will use federal funds to purchase foreclosed homes for sale and rehabilitate them.
An Illinois homeowner who saw his house foreclosed did not spare home appliances, fixtures and other items at his former home. Local authorities reported that the house was stripped and the former owner sold the items to his neighbors.
Chicago distressed properties in the southern suburbs are being contained by suburban mayors. They formed a collaborative to share money, efforts and systems to fix vacant foreclosed homes and put them to profitable use.
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.
Sheriff Sales and foreclosure sales declined in Illinois in 2010. Analysts are considering the effect of a tax hike on an industry experiencing sales declines.
There are low-cost ways to stand out when flipping houses in Chicago. Over 9,000 more units entered foreclosure in the first quarter, so sellers need to make their properties stand out to beat the competition.
Bankruptcy houses for sale and foreclosed properties remain high in Illinois, with foreclosure filing numbers expected to add further to foreclosure activities in some counties.
The condition of distressed properties listings and the rate of foreclosures in Chicago are expected to ease down soon. A housing market recovery is being predicted by some analysts.
August produced a mix of good and bad news for Illinois, with job losses expected to rise for the month while foreclosure numbers, including foreclosed FHA homes for sale, declined.
The number of distressed properties for sale in Chicago remains a major concern for the area's housing market. However, analysts believe that long-term outlook for the market is positive.
Buyers of single-family and condo foreclosures for sale in Illinois got among the biggest price discounts in the first quarter. The average price for foreclosures sold was $133,590, lower by over 39 percent than the average sales price for nondistressed homes.
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.
More than 200 Chicago foreclosed homes will be sold at an auction by Hudson and Marshall at the Westin Lombard Yorktown Center. Sales are required to close within a maximum of 45 days.
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