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CHICAGO FORECLOSURES FALL - But Housing Recovery Here Not Complete!
In what many experts consider a clear signal that the Housing Market in Chicago may be making a comeback, Bank-Owned Foreclosed Homes, as a percentage of all homes on the resale market here, fell by 27% in 2013, versus 2012. At the end of last year, 1 out of 5 homes for sale in Chicago were Bank Owned, versus a 28% share one year earlier, at the end of 2012.
As written in Mary Ellen Podmolik's story in the Chicago Tribune, the impact of one or more Foreclosed Homes on a residential block is often far reaching. Besides being unsightly, and a possible draw for squatters, and crime, these distressed properties might drive down the Market Value of other homes nearby. Banks often sell Real Estate they own at a deep discount - good news for investors, but often devastating to the potential equity neighbors may realize when they sell their own homes.
Most Chicago Neighborhoods are not out of the woods yet! Foreclosure levels are still considerably higher than they were before values started plummeting during the Housing Crisis which had its beginnings in late 2006. However, some Neighborhoods in Chicago saw the percentage of Bank-Owned Homes fall considerably in 2013. In Logan Square, on the Northwest Side of Chicago, about 4 miles from ... more
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