Foreclosure Sales Increase in Illinois
Posted on May 26, 2011 8:00am PDT
During the first quarter of 2011, sales of foreclosed homes in Illinois made up 29% of all sales in the state. While this number is impressive, it does represent a decline from the year before.
According to RealtyTrac, 5,529 homes were sold between January and March in the state; this represented a 38 percent decrease from the same period in 2010. In Illinois, the average price for a foreclosed home was $132,983; compared to non-foreclosed homes for sale, this shows a 48 percent discount. Nationally, the sales discount between foreclosed and non-foreclosed homes is 19 percent.
Illinois ranks almost the same as the national average for the sale of bank-owned and defaulted homes. The national average is 28% versus the state"s 29 percent. This is the highest percentage of foreclosed-home sales since the first quarter of 2010, where sales came in at 29 percent.
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