Fox Valley Illinois Real Estate Blog
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Bank owned properties can be great deals, but know the possible costs going in
The bulk of real estate sales continues to be pre foreclosed and foreclosed properties, largely because they are, square foot by square foot, the best deals on the market. With the number of foreclosures on the market and more on the way, cities are reacting to ensure the integrity of neighborhoods, and long term property [...]
Distressed properties offer prices below current valuation trends
In a quick study of 4 west suburban markets of Chicago, the evidence is there that amazing deals abound in foreclosed homes, and short sales. One zip code showed a 22% difference between projected value based on the Case-Shiller index and the actual sale prices of the “distressed” properties. That was an average of $57,000! The [...]
First time homebuyers continue to drive the market
Housing industry looking for more than extension of first time home buyer tax credit
The National Association of Realtors, the Mortgage Bankers Association, and the National Association of Home Builders wrote a letter to some of the nations top brass this week in efforts to not only extend the $8000 first time buyer tax credit 12 months, but to expand it. In a letter to Secretary of Treasury Geithner, [...]
August continues to see a sell off of distressed properties
Foreclosures and preforeclosures made up a large part of homes selling in the Fox Valley area of Illinois last month. In addition the number of homes on the market continues to decline. Both of these trends bode well for the housing industry, although “complete” recovery is probably still many months away. The percentage of homes [...]
Kane County Property Tax Exemptions Increased!
Here is another tidbit of good news for home owners in Kane County! The Homestead exemption for owner occupied properties has been increased from $5000 to $5500. Actually, its gets even better. It will increase again in 2009 to $6000! The Senior exemption is also increasing in 2009 to$4000 from $3000. While this may not have [...]
Why you can
Sometimes when I find myself “parked” in front of my computer, working or playing, I’ll have the television on. Usually a ball game, but just as often the Discovery or History channels. A particular favorite is “Mythbusters”, a show where the hosts make efforts to prove, or disprove popular beliefs and myths. A night ago they [...]
July Local Market Statistics a mixed bag
As we wrap up the 2nd Summer month, the national media is all a-buzz with the “news” of recovery. While I am as hopeful as the next consumer about the prospect of recovery, there seems to be good and bad in our local housing market. Let’s start with the good. The numbers and statistics mentioned here [...]
