ForeclosureDeals offers a solid database of Chicago bank owned foreclosure homes and Chicago government foreclosed homes for sale from federal agencies such as: HUD, VA, FHA, Freddie Mac, Fannie Mae, USDA. These Chicago repossessed homes can be found in a number of ways, such as pre foreclosures, short sales, foreclosure auctions, flipping homes, bankruptcies and home foreclosures for sale in Chicago, IL. Our up-to-date real estate foreclosure listings in Chicago offers cheap distressed properties for buying & investing, in a great variety of properties like commercial & residential, multi & single family homes, lands, condos and apartment foreclosures in Chicago area.
The windy city offers stunning nightlife, a hip downtown and a diverse urban culture. Real estate in Chicago itself is dominated by commercial buildings, apartments, condos and lofts, all offering luxurious amenities and accommodations including convenient locations to corporate offices and mass transit. In Chicago's suburbs, single and multi family homes are abundant, many frequently for sale at a fairly cheap asking price. Foreclosures here offer a tremendous opportunity for investing in homes which can be purchased at an extremely reasonable rate. Whether you are looking for an opportunity to invest or live in Hyde Park, Lincoln Park or Roscoe Village, Chicago has something for you. Take advantage of these opportunities and start searching for foreclosed homes for sale in Chicago, IL now!
Investors are flocking to select cities in the United States to take advantage of incredible domestic real estate opportunities. One of the most advantageous cities in the country for real estate investing is Chicago, Illinois - the Windy City.
Boasting the third-largest metro area in the country, Chicago is a major domestic and global hub for telecommunication, transportation, and industry. O'Hare International Airport is the third-busiest airport in the world, and the city is one of the world's top ten Global Financial Centers for business and finance. The deep, storied tradition behind Chicago and its vibrant culture also make it one of the most desirable big cities for real estate - even with one of the highest metro foreclosure rates in the country.
Foreclosures have hit Chicago as hard as any other city and harder than most, but there are plenty of areas that are prime areas for investors looking for stable prices and easy sales.
These areas feature stable prices, relatively-low crime rates, high standards of living, and a relatively-low incidence of foreclosures. Such areas include Beverly, Gold Coast, Lakeview, Lincoln Park, Lower West Side, and Old Town.
The median listing price for all homes in Chicago is $209,500, which is 11.9% lower than its previous level. This varies drastically from neighborhood to neighborhood; the most expensive real estate in the city, located in high-end Lincoln Park, has an average listing price of $921,248 and a median sales price of $344,000. This last figure has increased by 5.3% year-over-year.
The low end of the scale - South Deering - reported an average listing price of $49,486 and a median sales price of $59,000 - a decrease of 4.1%.
Areas significantly impacted by foreclosures include Belmont Cragin, Calumet Heights, Humboldt Park, Fuller Park, New City, South Chicago, and South Deering. These neighborhoods are predominantly composed of low-value housing with high foreclosure rates, creating plenty of opportunities for cheap properties (although some with significant rehabilitation costs).
In each city, there are key areas that are in high demand by investors and homeowners alike. Price is a factor, but there are other factors, such as:
Some of the most in-demand areas and neighborhoods in and around Chicago, according to these factors, include Beverly, Financial District, Gold Coast, Lakeview, Lincoln Park, West Town and Wicker Park. Lakeview in particular is home of Wrigley Field, the home of Major League Baseball's Chicago Cubs, and features a wealth of cultural and social opportunities and amenities. West Town is one of the fastest-growing neighborhoods in the city with a diverse population, safe reputation, and a wealth of amenities and entertainment.
The foreclosure process in Illinois is something that should be studied by investors before attempting foreclosure investing in the state. Illinois has a judicial foreclosure process, which means foreclosures go through the court system. Lenders send a notice of intent to sue (lis pendens) to the borrower; a court hearing is then established and the case is argued. Property owners have 90 days from the issue of the complaint to resolve the owed amount. The average time for Illinois home foreclosures is approximately one year from the beginning of the complaint.