With Inventory Down, Will Housing Market Ever Look Up?

The number of sales of existing homes and condos climbed in Chicago's nine-county area for September while prices fell, but the supply of available homes slipped for the second consecutive month, the Chicago Tribune reported on October 21, 2011. Local multiple listing service provider Midwest Real Estate Data LLC said that inventory in the Chicago area dropped almost 50 percent from a year ago, to 8.9 months, meaning it would take almost 9 months to sell the number of properties that were on the market in September. "Even though we say there’s less inventory, there’s still a lot of inventory, and we don’t know when that other shoe will drop with an influx of foreclosures," Loretta Alonzo, president of the Illinois Association of Realtors, told the Tribune.

The dip in inventory was the lowest it has been in the past 24 months except for April 2010, but the Tribune noted that the expectation is that it might be temporary. While the number of homes entering foreclosure was slowed by state and federal investigations of lenders’ foreclosure processes, a report by data aggregator RealtyTrac indicated that the number of homes that entered the foreclosure process nationally rose 14 percent in the third quarter. Furthermore, the Tribune said many of those homes will become bank-owned foreclosures and relisted for sale.

Has the housing market downturn left you and your family scrambling for foreclosure help? Now could be the time for you to consider filing a bankruptcy means test to determine a better way to manage your debt. Whether you were suddenly hit with a mountain of medical bills or have been unable to find employment after being laid off, our Chicago bankruptcy lawyers can assist you in understanding all of your legal options. Contact our firm today to set up a consultation that will allow you to see how a Chapter 13 or Chapter 7 bankruptcy could provide you with the fresh start you have been seeking.

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