Aug
27

Foreclosed Homes a Great Deal in Chicago and Nation

August 27, 2011

The sale of foreclosed Chicago-area homes increased in the second quarter but are down in year-over-year results.

From April to June of this year, 8,654 homes in some stage of foreclosure were sold in the Chicago metropolitan area. While that’s a 6.6 percent increase from the first quarter, it’s also a 7.7 percent decrease from the second quarter of 2010.

Foreclosure sign with a sold sign over it.Still, the sale of foreclosed homes during the second quarter made up 37.6 percent of all homes sold in the Chicago area.

Nationally, 265,087 homes sold during the second quarter were in some stage of foreclosure, which represents 31.3 percent of all U.S. home sales. That’s down from this year’s first quarter of 36 percent but up from the 24 percent of homes sold in the second quarter of 2010.

Back to the Chicago-area: The average sales price for homes sold in foreclosure during the second quarter was $135,688. That’s a discount of almost 49 percent compared to metro Chicago homes for sale that are not in foreclosure.

Nationally, the average sales price on distressed homes was $164,217. That’s 32 percent below the average of existing homes for sale.

“With average prices on distressed real estate trending down and average discounts trending up, this report is clearly good news for well-positioned buyers and investors looking for bargain real estate that will build them wealth in the long term and often cash flow as rental real estate in the short term,” said James Saccacio chief executive officer of RealtyTrac.

“Maybe less evident, however, is the good news in this report for distressed homeowners looking to sell, and even lenders saddled with large portfolios of delinquent loans.”

Among Chicago-area counties, distressed properties in the second quarter represented:

*37 percent of sales in Cook County

*40 percent in Lake County

*36 percent in DuPage County

*50 percent in Kendall County

*44 percent in Will County

*48 percent in Kane County

In July alone, one in every 498 Illinois homes received a foreclosure filing. In Cook County, it was one in every 408 homes.

Nationally, it was one in every 611.

RealtyTrac experts believe the third quarter will continue to see an increase in the sale of foreclosed homes, mostly because the inventory of homes in foreclosure is so predominant. Plus, there are some great deals out there for those in the position to buy.

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