Your Chicago Area Properties

New Rehab Opportunity: 16032 Tahoe Ln, Crest Hill

admin — Wed, 26 Jan 2011 14:54:57 +0000

Homesales Surge 12% in December!

admin — Mon, 24 Jan 2011 14:32:59 +0000

New Rehab Opportunity: 21459 W. Georgetown, Plainfield IL

admin — Fri, 21 Jan 2011 16:05:49 +0000

New Rehab Opportunity: 334 Columbine Ct, Romeoville

admin — Wed, 19 Jan 2011 18:59:06 +0000

Recent Article: “Study shows rehabbed REO spend 5 fewer months on market”

admin — Tue, 18 Jan 2011 14:24:11 +0000

As you may or may not know, I spend a fair amount of time searching the internet and various news sources so that I am up to date on the latest real estate news. I was recently reading an interesting article I found on HousingWire.com that quoted a recent study done by Field Asset Services. Field Asset Services is a servicing company that works with many of the larger banks and institutions to secure and maintain forecloses homes. The entire article is below.

Study shows rehabbed REO spend 5 fewer months on market

By Jon Prior
REO properties that are not rehabilitated spend an average 222 days on the market, but when the work is put in to upgrade these properties, they are sold roughly five months sooner, according to an independent study done by Field Asset Services.
FAS is a property preservation company that works on 120,000 active properties at any given time. It tracked 17,252 properties in 13 states from January to July 2010. According to the study, rehabbed REO spent just 69 days on the market before being sold, a 68% reduction from those that weren’t repaired.
And the number is growing. In the initial report FAS released in February, rehabbed properties spent 54% fewer days on the market.
The Department of Housing and Urban Development recognizes the need to rehab these properties. In September 2008, the federal agency began granting money through its Neighborhood Stabilization Program. Among the possible uses for the money, state and local governments and nonprofit companies could purchase vacant REO from the banks, and repair them for resale.
HUD has committed $7 billion in grants through three rounds of NSP funding.
And foreclosures are still going up. RealtyTrac reported Thursday that 2010 foreclosure numbers were a new record, and 2011 should be worse.

You can read the entire article at HousingWire.com

New Rehab Opportunity: 291 Violet Dr, Romeoville

admin — Mon, 17 Jan 2011 17:09:56 +0000

Kendall, Kane, and Will Counties Tops In Foreclosure Filings

admin — Thu, 13 Jan 2011 14:56:39 +0000

According to a recent article in the Joliet Herald News, Kendall, Kane and Will counties continue to top the foreclosure filing rate charts. Information released today by Irvine, Calif.-based RealtyTrac shows Kendall County had the highest foreclosure filing rate in Illinois at one in every 13 households in 2010.

Kane County was second with a rate of one in every 19 households.

Will County was third with one in every 21 households.

Grundy County was 14th with a rate of one in 56.

The three counties finished in the same order in 2009. Foreclosure filings tracked by the company include default notices, scheduled auctions and bank repossessions.

Additional information in the report shows:
Will County had a total of 11,027 foreclosure filings for the year, 21.71 percent more than in 2009, 66.77 percent more than 2008, 153.38 more than 2007 and 249.62 percent more than in 2006.
Romeoville, Bolingbrook and parts of Joliet had the highest foreclosure rates in Will County (see chart).

Kendall County had 2,612 filings, up 12.10 percent from 2009, 110.14 percent from 2008, 346.50 percent from 2007 and 726.58 percent from 2006.

Grundy County had a total of 332 filings, up 14 percent from 2009, 64.36 percent from 2008, .30 percent from 2008 and 74.74 percent from 2006.

Illinois ranked ninth in the nation for foreclosures with 151,304 filings for 2010.

A Bright Spout in Housing – Apartments

admin — Wed, 12 Jan 2011 14:54:10 +0000

According to a recent story I read on CNBC, new reports confirm that the rental / apartment market has picked considerably over the 4th quarter of 2010. The 4th quarter is usually the slowest of the year, but in 2010, according to Reis, Inc, the national apartment vacancy rate fell by nearly half a percent from 7.1 to 6.6 percent. Close to 58,000 units were filled nationwide.
This appears to be a real trend. This drop follows one of the biggest drops on record during the third quarter. With that kind of demand, landlords are giving less concessions, and in some markets are actually increasing their rents. This trend is likely to continue as the country works its way out of this foreclosure mess.
When you factor in that property values are down, yet rental incomes are increasing, now is when the smart investor starts getting back in the real estate market. Investors are able to reap great returns on their money with relative low risk. To read the entire article, visit CNBC.com

New Profitable Rehab Opportunity: 389 Hogan St, Bolingbrook

admin — Tue, 11 Jan 2011 14:48:38 +0000

New Rehab/Rental Opportunity: 122 E. 18th St, Lockport

admin — Mon, 10 Jan 2011 18:50:21 +0000