Chicago Condo Directory

September 17, 2009 - Quite a few buyers have taken advantage of the increase in bank-owned Chicago real estate for sale and the growing number of foreclosure auctions. In fact, much of the increased activity in the housing market is from short sales and distressed properties. This trend is likely to continue for some time yet, as the latest stats show that although the number of August foreclosures in Illinois is up 22% from the same month last year (2008), but is down 10% from July of this year (2009). A recent Crain’s report states that Illinois ranks as the 10th highest state for foreclosures.

The national mortgage prevention program that the government launched in an effort to stave off so many filings isn’t doing well either. The Treasury Department recently confirmed that just 12% of those who would qualify for help with their mortgages have applied. The government program set aside about $75 billion to help keep homeowners in their homes, but as of yet it hasn’t made much of a difference.

Interestingly, another report from the Daily Herald said that those most likely to walk away from a mortgage on new Chicago condos or homes aren’t buyers with lower credit scores. Buyers who have higher scores are about 50% more inclined to make the decision to default on a mortgage if the condo is seriously losing value. This could be another factor affecting the participation levels of the national mortgage bailout plan.

In any case, if you are looking to buy a new home, there are plenty of Chicago Condos For Sale that aren’t foreclosures or short sales.

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