Chicago home auctions have been getting the attention of aldermen and realtors because of the still high number of properties entering foreclosure. Currently, nearly 60 percent of all homes for sale in the area are foreclosures.
The current state of foreclosures suggests that there is lesser number of foreclosure notices in May 2010 as compared to April 2010 but they are certainly more than the same period last year, which is May 2009. Various government foreclosure prevention schemes are the main reason behind the decline in number of foreclosures.
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.
Sheriff house auctions and foreclosures led to more evictions in Chicago last year. For 2011, advocacy groups are gearing up to protect homeowners' rights.
Chicago foreclosure investing is viable because of the availability of low-priced foreclosures. The average value of a home in Chicago has been cut down by about $27,000 to $49,000 since 2004.
To stop the situation from exacerbating, we need to take small steps as an individual and holistically economic development and recovery will unravel the problem of Chicago foreclosures.
Home foreclosures in Chicago attracted buyers with lower prices and drove up residential sales in January this year. The price median for residential properties in the Chicago metro area fell by 5.4 percent to $175,000.
Print This Article
Add To Favorites