The bearish housing market sentiment in Illinois continues. Property tracking firm RealtyTrac Inc has released data showing that the number of Illinois foreclosure homes rose 21% in October 2008 to about 12,700 households compared to the volume a year ago. The state's rate of foreclosure also grew 24% compared to September. That means there is a home under foreclosure in the state for every 410 houses. That is greater than the national average of a home foreclosed for every 452.
This is bad news to market analysts and market players. But it certainly is a piece to be raved about by opportunistic homebuyers and home investors, who are always on the lookout to snap up dwellings at very reasonable and cheap prices. Who would not jump in joy in acquiring a house about 50% off the actual market value? It is not surprising that for several months already, transactions involving foreclosed home purchases dominate the housing market in Illinois.
Illinois is noted for being the most populated and demographically diverse state in the US Midwestern region. The strategic geographic location has made it easy for the state to be a center for trade, business, commercialism and arts. Many American families surely find Illinois and its important cities Chicago and Springfield as among the best and most conducive areas to live in.
If you are planning to acquire a vacation home or if you aim to generate revenues by renting out a house, be reminded that it is currently the best time to buy Illinois foreclosure homes. While the inventory keeps piling up, the price tags are also dropping that any buyer would surely find such assets irresistible.
