I still have the feeling that sellers in the Chicago suburbs feel that the Midwest and our little market in Northern IL isn't as badly affected as some of the other states such as Florida, Arizona, Nevada (especially Las Vegas), etc. But IL is 8th out of the top ten states regarding foreclosures and it affects supply and demand which then affects price.
For the first half of 2009, here are the state foreclosure stats:
1. Nevada (1 property in every 16 is in foreclosure)
2. Arizona (1 in 30)
3. Florida (1 in 33 which surprises me as I thought Florida was faring worse than Arizona, although they're very close)
4. California (1 in 34 - again a surprise as I thought California would be first)
5. Utah (1 in 69)
6. Georgia (1 in 70)…