5 October 2009 ? As we enter into the final quarter of the year, the writing is on the wall for how the Chicago real estate market will end up. There is be an increasing number of transactions happening at lower price points. For sellers it is the realty of pricing and the competing inventory. For buyers it is getting the best value, having the property appraise, and qualify for a mortgage. With the rise in foreclosed properties, banks are trying to manage releasing their REO properties into the marketplace in an attempt to defer losses. There is an estimated 500,000 bank-owned properties now, and over a million mortgages 90 days past due. The optimism in the market is that more and more homes are going under contract and closing. The transactions are happening, just with more challenges. It is a solution-oriented market.Email This Post To a Friend.
A Solution-Oriented Market
October 5, 2009
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