Jun
06

Chicago Places in Equifax Top Foreclosure Markets List

June 06, 2013

Investors seek foreclosure marketsForeclosure investors are moving away from the traditional “hot spot” areas of the southwest as markets in California, Nevada and Arizona have soaked up much of their distressed inventory. And with the economy turning around, investors are now seeking areas where there are new great deals to be found, thanks to slow-moving judicial systems. The Equifax experts explain it all in the new article, “Top 10 Cities for Buying Foreclosures.”

Chicago was part of a top list from Equifax and CoreLogic that included Orlando, New York, Atlanta, Seattle and Washington, DC as top foreclosure markets. Equifax focused on areas that are not traditionally considered national leaders in foreclosures but that investors may want to focus on for high discounts, a wealth of inventory and a steady stream of backlogs that will ensure that the deals keep coming for both investors and homebuyers seeking fixer-uppers.

Chicago placed high on the list for its distressed sale share of 35.3 percent (which is down slightly from the year before) and the 16.8 months of available inventory there. While the current initiatives to encourage homebuyers to consider foreclosures are helping to turn the tide, the fact that 9.7 percent of homeowners are 90 days or more delinquent on their mortgages means that there could be deals for a while in the Windy City, even as growth is being spurred toward new construction.

The Equifax Finance Blog has more personal finance tips, from topics like real estate to the best way to perform your credit checks. Explore the articles today to improve your money management and finance know-how.

About The Author

Read All Stories By Ben Heisler

Ben Heisler works as an account coordinator for clients involved in the housing market, construction material, rentals, personal finance and more. Visit my Google+ profile.

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