Foreclosure Home Sales Decline in Chicago

Chicago, along with other areas of the country, has experienced a decline in the sale of foreclosed homes over the past few months. However, these homes have made up a larger percentage overall of properties being sold.

According to a company that monitors the housing market, 8,653 homes in foreclosure were sold in the second quarter of this year. This represented 38 percent of the overall home sales in the city, at an average price of $135,688. Those individuals purchasing foreclosed homes received an average of 49 percent in savings when compared to buying a non-foreclosed house.

Since the tax credit incentive program ended last year, the sale of homes has declined considerably from coast to coast. Yet, foreclosed homes still continue to be a significant portion of the housing market, which can be both good and bad news. While more people are able to purchase homes at lower prices, those that are bought for reduced prices wind up lowering the value of homes surrounding them.

Are you hoping to fight foreclosure of your home in Illinois? If so, contact Bizar & Doyle, LLC now to speak with our team about your options so you can remain in possession of your home.