There have been reports that the month of May was worse than April for Chicago Real Estate. The number of foreclosure fillings went up, and there is an estimated 9 month foreclosure inventory. What do investors think of this news? Good? Bad? We let you know our thoughts in this video blog.
A recent article in the Chicago Tribune states that less properties sold in 2010 than in 2009. Also, there was a decrease in price for properties that did sell. As investors, this is not necessarily bad news. We take this article and try to find positive points for Chicago investors, especially cash buyers.
The price drop on properties along with the foreclosure inventory are making this the perfect storm for real estate investors new and old. If the rumors are true and there are another few hundred thousand homes YET to be released as REO’s by the banks, then there is still time to get in the game while its near rock bottom! It is going to take investors for this thing to move forward and those who do will earn great wealth.
