As homeowners face higher interest rates and rising mortgage payments, many are losing their homes to foreclosures. Foreclosures around the country were up 75 percent during 2007. However, the Chicago real estate market fared somewhat better according to data from RealtyTrac.
A total of 73,334 foreclosures were announced during 2007 in the Chicago region. This is a 29 percent jump from 2006, when 56,752 foreclosures went through. However, it is 130 percent higher than the number of foreclosures seen in 2005.
Foreclosures around Illinois were up slightly less than in Chicago. A total of 90,782 foreclosures were announced during 2007 throughout the state, up just 25 percent from the previous year.
Nationwide, many states saw a crippling increase in foreclosures. More than 3 percent of all homes in Nevada went through foreclosure proceedings during 2007, an astonishing three times the average of the next hardest hit state.
However, as foreclosures go on the market, many buyers are starting to see great deals on Chicago Homes For Sale. Buyers who are prepared with financing can now find prices that haven’t been seen in years around Chicago.
Technorati Tags: Chicago Real Estate, Chicago Homes For Sale, Chicago Foreclosure Report
