Affordable Illinois Foreclosure Listings

By: philip smith

Illinois foreclosure listings are more than a growing list of potential investment targets; they are an invaluable home buyer's guide to opportunity. Where many desirable towns and communities across the state have average family home prices beyond the reach of first time and lower income home buyers, the foreclosure listings display the available affordable homes in those locations.

In common with cities nationwide, the growth in foreclosures in Illinois has always been greater among the lower priced property; more so in 2007 as the impact of adjustable rate mortgages extended in the last few years to home owners who did not have deposits or credit standing to qualify for prime 30 year loans has hit hard. Of the monthly rate of new foreclosure filings has reached 6,000 state wide, just over half have been in the Chicagoland area, more than 75% have adjustable rate mortgages. With the overall real estate market in the doldrums homeowners in pre foreclosure have found their opportunities for selling their homes become very limited and falling prices have resulted in the loss of any equity, making refinancing impossible for many.

The housing market is not so obviously in favor of the buyer outside the Chicago metro area. Just 20 miles away the young village community of Woodridge is known to keen golfers and an outstanding school system attracts young families. The average price of a single family home at $328,000 is daunting to first time home buyers, who may be able finance and bear the monthly payment schedule of the discounted value foreclosure home. South Elgin has a train commute link to Chicago, and a growing reputation for sound government, an outstanding environment attracting new residents every year. Libertyville with its strong rural character and historic district is yet another sought after location within commute distance of Chicago, and has affordable homes in polder areas of town; a foreclosure deal will make that extra- affordable!

Springfield, the state capital, has so much to offer its residents and newcomers; for some years it has rated high among the top affordable cities in the nation. It has a steady housing market; while foreclosure savings may not be, on an average, as high as in the other Chicago satellite cities mentioned, your investment is guaranteed to gain in value steadily and immediately.

So use the foreclosure listings as your introduction to a potential first home in a desirable location in this great state. Search the listings without leaving your desk or your home. This winter, this buyer's market is as good as it gets. The saving from the market in your favor plus the saving from a foreclosure deal adds up to you in your first home sooner than you ever imagined.

Foreclosures
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