Last Update on Chicago foreclosures

Chicago Foreclosure Listings

The homes that are in the average price are selling well in Chicago. New homeowners can choose from the 7,417 foreclosure listings in the Chicago. The average price for Chicago homes is $153 per square foot.

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Bank Foreclosures in Chicago

Chicago has abundant recreation opportunities from swimming to boating. Other areas to enjoy include the bike trails and jogging paths. The Lincoln Park Zoo, the Field Museum of Natural History, the Museum of Science and Industry, and the Adler Planetarium are some of the best destinations for learning and adventure around the Chicago area. Living in the city will not be difficult as Chicago has an elaborate system for transportation.

The fact that there is 7,417 Chicago foreclosure listings would be of interest to families and investors who are considering purchasing a house in that city. Of these, 1,803 are Chicago bank foreclosures. The listings consist of a mixture of single family homes and condos. As a city, Chicago is populated by a mixture of people ethnically and demographically. It is a melting pot of high income highly educated singles and lower income foreign individuals with high school educations or less. The city has a population of over 2 million and Chicago's unemployment rate is slightly lower than the national average.

While the price per sq. ft. has increased just slightly in the last three months, its decline over the last five years of just over 25% could make this a favorable location to purchase investment properties. There have been more than 14,000 homes, condos and apartments sold in the Chicago area in the last nine months. Many have been sold for under $25,000.

This area could be very profitable for a home buyer looking to invest in rentals. Many of the apartments or condos that have been sold for under $25,000 are perfect investments. A person who has bought one of these properties could start showing a profit or return on their investment in as little as two or three years depending on what they choose to charge their tenants for rent. Some of these properties have been sold for as little as $6 per sq. ft. Statistics have shown that home values are slowly on the rise in this area. Whether one's motive is to purchase a home or an investment property, now is the best time to buy, before values increase to a point that housing is no longer affordable.

Employment opportunities are plentiful in the area as well. Presently there are over 59,000 job listing ranging from service industry positions to management and sales positions. Given that this is a large metropolitan area, the personal crime rate is slightly higher than the national average. Unfortunately, given the state of the nation's economy, crimes have become a means of survival for some.