Slight Foreclosure Increase Reported

The first quarter of 2011 saw a slight increase in foreclosure filings, 28 percent, compared to 27 percent from the previous quarter; this, however, is an improvement from the same quarter of 2010, which showed 29 percent increase in foreclosure filings.

The value of homes also took a hit this quarter of 3 percent, which can partly be explained by the continued presence of foreclosed homes in surrounding neighborhoods. Experts state that these homes eventually bring down the value of surrounding homes and neighborhoods, making it more difficult for these homeowners to get the full selling value of their properties.

However, this is good news for those who are looking to purchase a home. The average price of a home in foreclosure decreased in the last quarter to $168,321. This represents a 1.89 percent decrease from the previous quarter.

Are you in danger of losing your home? Contact us now to set up a consultation with a Chicago bankruptcy attorney.