chicago-condos & Chicago Real Estate pcherry on 30 Jul 2010 11:45 pm

Increasing Number Of Chicago Foreclosure Sales Driving Down Condo Prices

July 30, 2010 - According to the latest report from the Cook County Assessor’s office, foreclosure sales accounted for about one third of all residential sales in the first three months of this year (2010). There were nearly 8,100 Chicago condos, apartments and single-family homes that closed during the first quarter of this year and of those, 35% were foreclosure sales of some kind. That translates to about 2,851 units that sold and closed from January through March of 2010 that were a type of foreclosure sale.

Those foreclosure sales play a big part in driving down the price of Chicago real estate, according to a Crain’s article. On top of that, the median price of a foreclosure sale in Cook County also fell about 21% to $88,500 in the first quarter of this year as compared to last year. The median price of all other non-foreclosure Chicago condos and single-family homes only dropped about 7% in the first quarter of this year to $231,000.

The article went on to point out that all of these Chicago foreclosure sales may be driving down condo values right now, but the sooner they are sold and absorbed the sooner the over-supply of homes will be eliminated. When that happens and there isn’t such a glut of condos on the markte, prices New Chicago Condos should become stable and begin to recover.

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