In St. Clair and around Madison counties there has been a major drop compared to January, February and March estimates. The counties has noticed a 76% decrease in foreclosure properties. Madison's filings fell to 64% from 145 during March and to 51 since April.



The local real estate experts are hoping this dramatic decrease will mark the ?beginning of a rebound in the housing market.?

This is very encouraging news for real estate agencies, realtors, and especially homeowners. The list of foreclosure properties for sale however will not appeal to those who are on the market purchasing homes and commercial buildings to make profit.

For homeowners however, the recent data has represented a major significant in declines for foreclosures. During January, foreclosures were up to 122 and in February, it decreased to 119. Thus, in comparison we can see this is a major drop for St. Claire. In January Madison County seen a 153 high and in February it dropped to 130.

Illinois Realtors said in the news that the stimulus package sent by President Obama would assist with slowing the rate of foreclosed properties. Some of the mortgagers has already ?placed a moratorium? on the foreclosures, which provides relief to the first-time buyers. First-time buyers can expect to receive $8,000 in tax credit.

According to Illinois realtors, this will level the housing market. There may very well be hope for homeowners but for those of you purchasing foreclosed properties the stream of good luck is about to end. Now is the time to look for foreclosure properties for sale. First time buyers can take advantage of the $8,000 tax credits while those of you buying property for profit can take advantage of the low interest rates on mortgage and incredible deals on homes and commercial buildings. Some people have dropped the price on $79k homes to $19,500, so now are the time to get in on the deals!