Your guide is still getting requests to find homes in foreclosure. It makes perfect sense that buyers feel that this is the way to get an incredible deal on a new home or condo. We wrote about this phenomenon back in June, 2008.
Since you, Dear Reader and hopeful home shopper are still asking, I thought it would be a good idea to update some stats on foreclosures. Specifically here in Illinois.
From Dan Green’s Mortgage Reports:
In June, for the brazillionth time in as many months, just 3 states accounted for half of the country’s foreclosure-related activity. The top 10 states accounted for 75%.
Clearly, the foreclosures crisis doesn’t impact every state in the same way.
It also bears re-telling this personal anecdote:
One of my buyers asks regularly about locating a foreclosure deal. Working at odds, however, is her desire to live in the Gold Coast.
Well, they don’t call it the Gold Coast for nothing.
Most of the condominiums we have seen are for sale by sellers making a lifestyle choice, not out of necessity. Realtors showing us their listings in the Gold Coast tell how the condo is their sellers’ second or third home; an in-town apartment or perhaps a former first home before relocating. Almost universally, though, no tales of woe or hardship. Some of these homes are also listed for rent. Some owners will simply keep the home empty or enjoy it for another Chicago Summer.
The Catch: Most of our company’s clients are home buyers and are searching for a place for themselves and their family to live. Take a look at the map of where these foreclosures are taking place (Map from RealtyTrac.) The areas with the highest concentrations are the south and west sides. But the buyers don’t want to live where the foreclosures are; they are asking for traditional lakefront neighborhoods.
When confronted with these facts, some of these buyers stubbornly remain insistent. And homeless.
Stats for the State of Illinois here.