Sales of distressed residential properties accounted for at least 34 percent of all attached and detached home sales reported in the metropolitan Chicago real estate market during 2009, according to the RE/MAX Northern Illinois real estate network.
RE/MAX found that in the metro market, distressed properties accounted for 35.8 percent of suburban home sales and 31.1 percent of sales in the City of Chicago in 2009.
RE/MAX examined home sales tracked by Midwest Real Estate Data, LLC (MRED), for the counties of Cook, DuPage, Kane, Kendall, Lake, McHenry and Will. MRED asks agents to identify if a property they are representing is a foreclosure, short sale or court ordered sale, all of which can be considered distressed properties.
“In the last two to three years, distressed properties have gone from being a small portion of the residential marketplace to a significant one,†said Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network. “The RE/MAX Northern Illinois real estate network had the foresight to see that trend emerging two years ago, and in early 2008 we put a distressed properties search tool on our
www.illinoisproperty.com Web site.
Recently, RE/MAX International has done the same, and a distressed properties portal can be found on its international
www.remax.com Web site. Buyers and investors can search at no charge more than 1.3 million foreclosed properties around the country using data provided by RealtyTrac and RE/MAX.â€
Linkback:
https://tubagbohol.mikeligalig.com/index.php?topic=33266.0