Recent data from the National Association of Realtors showed a 57 percent increase in foreclosures during January from the same month last year. The month over month increase nationwide was 8 percent.
However, Illinois saw a sharp decline in foreclosures during January when compared to the previous month. According to data from RealtyTrac, the number of foreclosures across the state dropped by 21 percent.
However, when compared to January 2006, the number of foreclosures rose by 0.15 percent, placing Illinois 17th in the nation.
The drop in foreclosures may be a result of federal and local initiatives that have been recently unveiled to help homeowners behind on their payments. A recent agreement by major banks gives homeowners who are behind on payments a chance to get current before foreclosure proceedings begin.
Sales of Chicago homes were down during the fourth quarter, according to data from the Chicago Association of Realtors. A total of 1540 homes were sold during the quarter, down 25 percent from the same period in 2006. As foreclosures hit many neighborhoods around the Chicago region, buyers are starting to see great deals on homes for sale in many areas. Browse through the best Chicago Homes For Sale and find a great deal for excellent properties around the city.
Technorati Tags: Chicago Real Estate, Chicago Foreclosures, Illinois Foreclosures, Chicago Homes For Sale
