Chicago Real Estate Investing – Foreclosures on the Rise
“March home prices in the Chicago area and nationally sank to lows not seen since the housing bubble burst, and the widely watched S&P/Case-Shiller home-price index officially labeled it a double dip in home values.”… click here for full article
Another article that will help explain more about the inventory of foreclosures is found here: Click here for full article.
“There’s a three-year inventory of homes in foreclosure for sale, and that’s devastating home prices….What’s more, the homes are selling at steep discounts, especially so-called REOs, bank-owned homes that have been taken in foreclosure procedures… The average REO cost on average about 35 percent less than comparable properties, according to RealtyTrac… But in some areas, the discounts were ever greater: In New York State, the discount for REOs was 53 percent during the first quarter. And it was nearly 50 percent in Illinois, Ohio, and Wisconsin…”
