May
09

Chicago Foreclosure Rates Steadily Improving

May 09, 2013

Normal and distressed Chicago real estateDespite high attention at the national level for having so much foreclosure inventory, the comparison between bank-owned and non-foreclosure inventory is not quite as terrible as it may seem. In a new study by the Chicago Real Estate Notes blog, there is marked improvement in Chicago foreclosure inventory thanks to more initiatives from the government, such as the Block by Block program, which are proving effective in helping Chicagoland real estate recover.

When it gets down to the numbers, distressed property has shrunk from being 12 percent of the overall housing inventory down to 7.2 percent between March 2012 and 2013. In addition, the percentage of home purchases that were bank owned has shrunk down significantly – at this time in 2012, it was a full 18.9 percent of homes (nearly one out of every five homes sold was bank owned) down to 12.6 percent, or just over one in ten. Finally, all homes – distressed or not – are selling for more. In 2012, the average home price in Chicago was $374,500, while distressed homes sold for $200,000. Just a year later, homes are selling for $20,000 more on average at $395,000, while distressed homes saw a bigger jump up to $230,900.

 

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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