Foreclosures Represent 29 Percent of Home Sales in the First Quarter

Almost 30 percent of all homes sold in Illinois during the first quarter were foreclosures. This number is down considerably from the first quarter of 2010.

The 5,529 homes were sold as foreclosures during the first three months of the year, ending in March. This number is down 38 percent from the previous year and down 6 percent from the last quarter of 2010. Illinois is still one of the states with the best deals for buyers.

The average price of a foreclosed home for the first quarter is $132,983, a nearly 41 percent discount from the sales prices of non-foreclosed homes. Bank owned or repossessed properties sold for 48 percent off the sales price of non-distressed homes. Homes that are in default but not yet repossessed by lenders averaged 19 percent off the average non-foreclosure price. Short sales are not included in the data.

The Federal Housing Finance Agency issued its quarterly house price index on May 25, 2011. The data shows how foreclosure sales are dragging down overall home values. According to FHFA, Chicago are home prices are down 5 percent as compared to the final quarter of 2010, 9.5 percent from the period one year ago, and 26 percent from five years ago.

If you are in need of foreclosure help, contact a Chicago foreclosure lawyer for more information.

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