Chicago Foreclosure Rate Running at Twice the National Average

November 6th, 2006

New statistics show that the rate of new homes entering foreclosure in the Chicago metropolitan area is shockingly double that of the national average. Second only to Dallas among urban areas with the highest percentage of foreclosed properties within their limits, it seems residents are unable to keep up with rising interest rates. Another factor could be that many residents who could traditionally turn to selling their homes during times of financial stress now cannot do so because the real estate market in the area is flooded with homes. Many are still trying to sell properties bought up when property values were at a high in the earlier half of the decade. Since then, values have come down considerably, and many homes that have not been sold are now left on the market. This often leads to foreclosure, as it becomes impossible to keep up with month to month payments.

For those looking to buy foreclosures in the Chicago area, now would be an excellent time to get involved. With property values low and the situation only showing signs of escalating, it is the prime time to buy distressed properties for discount prices.

[via Chicago Business News]