Inventory of Illinois Bank Foreclosures Still Growing
June 18th, 2007 by 
Joseph Smith
Despite the one percent dip in nationwide foreclosures rate, Illinois experienced a slight 6 percent increase for April. The number of real estate owned or foreclosure homes in Illinois reached 623 out of the total of 8,298 foreclosure filings. To date, the state posted the 9th highest foreclosures rate with one foreclosure filing for every 589 homes. Illinois follows other states like Nevada, Colorado, Connecticut, California, Ohio, Georgia, Florida and Arizona.
Because of the great foreclosures activity, the market is expected to favor the buyers as prices of Illinois foreclosures remain more than affordable. In Crystal Lake, homes are sold at average prices of $300,000. This means that buyers can own homes easily by paying less than the average home prices. If they are lucky, they can buy homes for as low as $200,000. With this much savings, it is no longer surprising that these homes stay in the market for a shorter period.
The growing inventory of Illinois bank foreclosures has actually started to worry sellers who are yet to receive multiple offers for their properties. Market analysts are speculating that if the trend continues to move downward then prices of these foreclosure homes may still drop as competition between the sellers intensify. To be able to cut down on closing costs, these sellers will have to slash down their asking prices in order to reduce their inventory.
The greatest activities come from first-time buyers who are hoping to save on their homes. Single-family units are in great demand and sellers of these properties enjoy 95 to 100 percent of the prices they asked for these homes. The rise in foreclosures activity across the nation has also resulted in many realtors such as Foreclosure Deals to provide complete and updated foreclosures listings.
