The increase in foreclosures around Chicago has caused problems for homeowners, banks, and international markets. However, neighbors of foreclosed homes are suffering from the neglect that comes with an abandoned home in the area.
Many homeowners are facing difficulties marketing their own home when potential buyers see the abandoned home next door.
Foreclosures around Chicago were up 12.5 percent during August, according to RealtyTrac, Inc. The increase was even more pronounced on a national level. Foreclosures during the third quarter were up almost 100 percent from the same period last year.
There seems to be no end in sight for the problems facing the real estate market. As more homes are foreclosed around Chicago, neighborhoods around the city will have to deal with these abandoned homes that collect garbage and are an eyesore to those still living in the area.
However, with the increase in foreclosures, buyers can find many Chicago Homes For Sale at prices that haven’t been seen in years. Banks and lenders are increasingly willing to sell the property at bargain prices as they struggle to recoup losses reaching billions of dollars.
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