Foreclosures

Found 8 blog entries about Foreclosures.

grant available for Lockport homes for saleThere is a program for buyers of Crest Hill, Joliet and Lockport homes for sale. Home buyers in those towns could qualify for up to $10,000 towards the down payment and/or closing costs. It is The Illinois Building Blocks Program and is being offered by the Illinois Housing Development Authority.

This program is geared for families that might not otherwise be able to purchase a home because of lack of enough cash to cover closing costs and down payments required to qualify for a mortgage loan. It was created to get rid of the current inventory of vacant homes in these 3 towns, which will help revitalize each town. When a town has a glut of vacant foreclosed properties they become vandalized and continue bringing value down for other properties.

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It took a patient buyer to wait for the sale of a Chicago Ridge foreclosure home to finally close. Here is her testimonial:

Had a great experience with Judy Orr and James Herter. They are very informative, people who have done their homework, gives excellent advice. Also, very easy to communicate with, promptly returns phone calls. Would definitely go with Judy and James again, and recommend them for everybody.

She was a first-time buyer and most of the homes in her price range with the amenities she needed were foreclosures.  And believe me, she wasn't picky.  She wrote up offers on a couple different Chicago Ridge foreclosures and we even had another one under contract.  That one had the gas meter removed and it would have taken up to 12

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My last post was about IL being tops on Realtor.com's home search in 2013.  The specific search was for Chicago's Old Town real estate and you can click the link to read all about it. IL once again is featured in another list, 15 states where deeply underwater foreclosures still remain.

The Washington Post states the following:

"The data measure underwater status by comparing the value of a home loan to the value of the home itself. A foreclosure was defined as “deeply underwater” when the homeowner owed at least 25 percent more than the value of the property. (The loan-to-value was 125 percent or greater.) A foreclosure with equity was defined as one where the value of the loan was equal to or smaller than the value of the home. (A loan-to-value

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I just read an article in Inman News about a report put out by Altos Research.  Altos Research is a real estate data company and their prediction is that we should hit prices for homer glen homes for sale hitting the bottombottom in real estate pricing in 2011.

They feel we'll see our normal surge in the upcoming Spring selling season, but it won't mean prices will necessarily escalate.  In most areas in the southwest suburbs, prices have been declining since 2005.  The spike in sales that usually occurs during our best months do not necessarily bring about price increases, just a clearing of inventory.

We will still have a glut of foreclosures and short sales

In my opinion, until the amount of distressed properties slows down there is going to be more inventory than available buyers.  Distressed

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dropping mortgage interest ratesHave we hit the bottom of low home price values?  The optimists keep saying we should see an improvement at the end of 2011 and into 2012.  They might be somewhat correct, let's face it, they're talking a year down the road.

Today's low interest rates are tempting

Others are saying that the current low interest rates are another government ploy to keep buyers in the market.  And they might be correct, depending on how low prices drop in the future.  At today's current rates, you'd be better off with 4.5% interest rates vs. a 10% reduction at 6% based on an average home price of around $300,000.

How low will prices go?

No one can say for sure, but some are predicting closer to 20% vs. 10%.  There are several reasons stated:

  • interest rates
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What is Shadow Inventory?

shadow inventory for real estateMost of us will agree that "shadow inventory" comprises of properties that are bank owned that are not on the market for sale yet and can also include homes that will fall into foreclosure when loan modifications or short sales are not transacted.

Where Does the Chicago Market Stand?

I just read an article that referenced an analysis of “Shadow Inventory” published by Standard & Poor's Rating Services. The analysis did not include any mortgages backed by Fannie Mae or Freddie Mac. I was eager to see if Chicago would be listed in the article, and it was. The areas that were hit the hardest, such as Phoenix, Las Vegas, Detroit, San Diego, San Francisco, etc., currently have the least amount of shadow inventory. It is

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illinois top foreclosure stateI 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)

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act now to get a great deal on orland park real estateI am seeing such great deals lately that I'm actually considering selling my home.  When we purchased our home we thought it was big enough.  But after living in it we discovered we could have used a little more space.

We should not lose money on our home, although when figuring in the work we've done on it (remodeling bathrooms, putting in hardwood floors and some new windows), we'll be lucky to break even.  But we don't care.

The math is in our favor.  Even if we don't see good appreciation on our home (that we purchased in 2003 - just before prices started to skyrocket) we will more than make up for it with our next purchase.  In fact, I've seen foreclosed properties that are larger than our home going for less money, just because it's a

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