Real Estate
Foreclosures No Longer a Problem in Fox Valley Real Estate Market
Distressed property sales are down. In fact, they're dropping like a rock. How are Fox Valley foreclosures doing?
Good news for home sellers in the Fox Valley, not so good news for home buyers.
According to recent figures from the National Association of Realtors, distressed property sales are down. In fact, they’re dropping like a rock. The chart above shows national figures. How are things in our local market?
The Fox Valley real estate market, comprised primarily of St Charles, Geneva and Batavia Illinois, is following along the same national trend but with slightly higher figures. Our market seems to be about 10% higher than the national average.
Find out what's happening in St. Charlesfor free with the latest updates from Patch.
- January 2012 41% of home sales were banked owned or foreclosures.
- January 2013 saw a negligible drop to 40%.
- January 2014 we dropped to 32%.
- By December of 2014 foreclosures made up only 21% of total home sales.
This is good news for area home sellers as there is less competition from these bank owned homes which typically sell for less than average prices.
Another little added bonus for sellers, but perhaps not so good news to home buyers, is that bank owned properties are fetching more than they used to. Sale prices of foreclosed properties have been on the rise bringing them more in line with traditional home prices. These foreclosed properties aren’t the bargain they used to be.
