Homeowners around Chicago are feeling the pressure of higher mortgage payments and rising property taxes, but they are not alone.
Foreclosures around the country have continued to rise as many homeowners and investors are unable to shoulder the rising cost of mortgage payments. Also, the dramatic drop in home sales in many markets around the country has left homeowners without any options.
According to a new report from the real estate firm Realtytrac Inc., homeowners in Florida and California were the hardest hit by the recent spate of foreclosures hitting the real estate market.
According to the report, Stockton, California led the country in the rate of foreclosures, with one filing for every 31 homes. Detroit, the Riverside-San Bernadino metro area, Fort Lauderdale, and Las Vegas rounded out the top five cities with the highest foreclosure rates.
As foreclosure rates increase around the country, buyers may soon begin to see a significant drop in prices for homes. The inventory of unsold Chicago Homes on the market has increased in recent months. The turnover time for a home on the market now stands at 117 days, the longest turnover time the city has seen in more than 15 years.
Technorati Tags: Chicago Homes for Sale, Chicago Real Estate Market, Chicago Foreclosures
