Foreclosure pipelines are re-filling nationwide and unfortunately, Illinois is among the leaders.
According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings dipped below 192,000 in July 2012, a 3 percent decrease from the month prior. But in the top 5 states more than 98,000 homes started the foreclosure process in July, a 6 percent increase from July of last year.
Nationwide, 5 states were home to more than half of all tracked foreclosure activity:
- California : 21.9 percent
- Florida : 13.3 percent
- Illinois : 7.2 percent (13,824 homes)
- Georgia : 5.7 percent
- Texas : 5.2 percent
Collectively, these 5 states represent 33 percent of the nation’s population.
Home buyers in Batavia, St. Charles and Geneva will see more foreclosed properties for sale this year and next. There will be some excellent “deals” and discounts — foreclosed homes typically sell at discounts of 20% or more as compared to comparable, non-distressed homes.
Foreclosed homes are often sold as-is, which means they may have defects. Before placing a bid on a foreclosed home, therefore, we’d like to make sure you have an experienced agent on your side. Buying a foreclosed home may save you money at your closing, but may cost you money longer-term. Please give us a call at (630)945-7935 if you’re interested in buying a foreclosed home.