Foreclosures appears to be the huge news of 2010, but for 2011? Not really much.
The fourth quarter of 2010 saw a substantial drop-14% in foreclosure filings-making it the lowest quarterly total previously two years considering that RealtyTrac started publishing this report in January 2005. The Foreclosure Marketplace Report indicated that one in every 45 U.S. homes received at least one foreclosure filing last year. The foreclosure rate for the State of Illinois was one in every 35 homes, a 15.4% increase over 2009.
In latest years national news reports on residential foreclosure rates reported staggering numbers of households and households adversely affected. The brilliant side that at some point emerged was that a foreclosed property offered an opportunity for a person else to buy it at a bargain price tag.
Will this trend continue into 2011? Predictions show that the downward spiral of available foreclosed residential property continues.
Shopping for Homes
Though some foreclosure filings had been stalled late final year by key lenders as a result of controversy surrounding foreclosure documentation and practices, not all will continue moving toward completion.
So, if you're a prospective homeowner trying to find the savings of a foreclosed property, don't wait till the shelves are bare. Act now. Sergio & Banks professional real estate agents are adept at navigating the challenges of buying a residential property in foreclosure. Spring is the perfect time to buy.
Rising Rents Predicted - An Even Better Reason To purchase!
A perfect storm is brewing in the Chicago region this year which will benefit prospective homeowners. It is steering renters toward house ownership - a wiser choice for the long haul.
Here's Why... Within the second half of 2011, rent hikes in the region are projected to rise by as significantly as 8% to 10%. Between the depressed condominium marketplace and less apartments to meet increasing demand, landlords will soon be celebrating. High demand for apartments means much less negotiation for renters.
With rents rising and mortgage rates plummeting, 2011 may be THE year to acquire a residence. Combine this with the continuing influx of foreclosed properties coming onto the market, and renters would be smart to consider homeownership. Additionally, a fixed-rate, conventional mortgage delivers budgetary predictability. Whereas renters usually see an annual rise, seriously impacting a family's bottom line.
Buyers can locate a lot of desirable foreclosed properties at steep discounts in about any Chicago neighborhood. Sergio & Banks agents are experienced at navigating buyers to choice foreclosed homes and then guiding them expertly throughout the buying process.
Now, with less new apartment construction tasks underway, it could be as significantly as 24 months or longer just before the apartment supply raises yet again. Financing for new building continues to remain difficult for builders to secure. The tight apartment industry is as a result projected to obtain even tighter. Why not take into account getting a house rather...the forecast couldn't be far more favorable.
The fourth quarter of 2010 saw a substantial drop-14% in foreclosure filings-making it the lowest quarterly total previously two years considering that RealtyTrac started publishing this report in January 2005. The Foreclosure Marketplace Report indicated that one in every 45 U.S. homes received at least one foreclosure filing last year. The foreclosure rate for the State of Illinois was one in every 35 homes, a 15.4% increase over 2009.
In latest years national news reports on residential foreclosure rates reported staggering numbers of households and households adversely affected. The brilliant side that at some point emerged was that a foreclosed property offered an opportunity for a person else to buy it at a bargain price tag.
Will this trend continue into 2011? Predictions show that the downward spiral of available foreclosed residential property continues.
Shopping for Homes
Though some foreclosure filings had been stalled late final year by key lenders as a result of controversy surrounding foreclosure documentation and practices, not all will continue moving toward completion.
So, if you're a prospective homeowner trying to find the savings of a foreclosed property, don't wait till the shelves are bare. Act now. Sergio & Banks professional real estate agents are adept at navigating the challenges of buying a residential property in foreclosure. Spring is the perfect time to buy.
Rising Rents Predicted - An Even Better Reason To purchase!
A perfect storm is brewing in the Chicago region this year which will benefit prospective homeowners. It is steering renters toward house ownership - a wiser choice for the long haul.
Here's Why... Within the second half of 2011, rent hikes in the region are projected to rise by as significantly as 8% to 10%. Between the depressed condominium marketplace and less apartments to meet increasing demand, landlords will soon be celebrating. High demand for apartments means much less negotiation for renters.
With rents rising and mortgage rates plummeting, 2011 may be THE year to acquire a residence. Combine this with the continuing influx of foreclosed properties coming onto the market, and renters would be smart to consider homeownership. Additionally, a fixed-rate, conventional mortgage delivers budgetary predictability. Whereas renters usually see an annual rise, seriously impacting a family's bottom line.
Buyers can locate a lot of desirable foreclosed properties at steep discounts in about any Chicago neighborhood. Sergio & Banks agents are experienced at navigating buyers to choice foreclosed homes and then guiding them expertly throughout the buying process.
Now, with less new apartment construction tasks underway, it could be as significantly as 24 months or longer just before the apartment supply raises yet again. Financing for new building continues to remain difficult for builders to secure. The tight apartment industry is as a result projected to obtain even tighter. Why not take into account getting a house rather...the forecast couldn't be far more favorable.
About the Author:
If you are looking for Chicago real estate, then visit Chicago Homes Search for recommended resources and listings.
No comments:
Post a Comment