Fewer Foreclosures Spell Higher Prices for Homebuyers

TWL_2015_jan_blog15As the housing market creeps back toward normal, the inventory of foreclosed properties in Chicagoland and across the nation is quickly dwindling–leaving homebuyers to pay higher prices. According to a recent article in the Chicago Tribune, last year’s foreclosure activity in metropolitan Chicago reached a seven-year low. Doug Kowalewski of Tanis Group Realty, the West Dundee real estate firm that made the Foreclosure Bus Tour popular, said, “We expect the flow of [foreclosure] properties coming in to continue its downward trend.” Between 2013 and 2014, Tanis has seen its listings of bank-owned properties shrink from 750 to 390.

Read the full article to learn more.

Image Source: Jeff Turner