With the Unemployment Rate falling to 7.7% in Feb 2013 and housing inventory at 3 year lows, we are seeing rising prices on Illinois Foreclosures due to increased demand.
Foreclosure prices are up 2.4% in Will County and up 2.0% in Kendall County!
If you are interested in buying a foreclosure or regular property, Contact Us!
The below article was just released at?realtormag.realtor.org?so this is a ?national? take on prices.
Home buyers may not get as great of a deal on a foreclosure as they once did, according to Paul Diggle from Capital Economics in a new report.?
Foreclosure starts are falling and the inventory of foreclosures has been decreasing, which has caused the discount on foreclosures to lessen.
The discount on foreclosed homes compared to other homes has fallen to a 12 percent average, according to Diggle. That was about the same percentage prior to the housing crash, he says. Last year the foreclosure discount averaged about 30 percent.?
?Ultra-low mortgage interest rates and steady, if not spectacular, job creation could mean that the delinquency rate and foreclosure start rate are falling quickly,? Diggle writes.?
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Rich Ayers?is a licensed Real Estate Managing Broker in Illinois.? Ayers Realty Group has?EXPERIENCED?Brokers who specialize in Residential and Investment real estate in?Naperville,?Oswego,?Plainfield?and the surrounding suburbs of Chicago. We also own and manage multiple?investment properties?and help real estate investors find, buy, fix, rent and sell their investments. We are?experienced Short Sale experts?and hold the?CDPE (Certified Distressed Property Expert and SFR (Short Sale and Foreclosure Resource) Designations. Visit our website ?at?www.AyersTeam.com?or follow us on?Facebook.
Source: http://ayersteam.com/real-estate-blog/big-discounts-on-illinois-foreclosures-are-fading/
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