Digital Access

Digital Access
Access morrisherald-news.com from all your digital devices and receive breaking news and updates from around the area.

Mail Delivery

Mail Delivery
We’ve got you covered! Get the best in local news, sports, community events, with focus on what’s coming up for the weekend. Weekly packages.

Text Alerts

Text Alerts
Choose your news! Select the text alerts you want to receive: breaking news, weather, and more.

Email Newsletters

Email Newsletters
Have our latest news, sports and obituaries emailed directly to you Monday through Friday so you can keep up with what's happening in Morris and Grundy County.
The Holiday Gift Auction is Live! Click here and bid now on great local gifts!
State

4Q distressed home sales up 16% in Chicago area

(MCT) — Fourth-quarter sales of distressed homes and condos in the Chicago area rose 16 percent from the third quarter and were up 25 percent from the fourth quarter of 2011, RealtyTrac reported Thursday.

In the last three months of the year, 7,347 home sales, accounting for 28 percent of all homes sold in the Chicago area, were short sales or foreclosures. They sold for an average selling price of $132,232, a discount of 44 percent from the non-distressed market.

While the uptick in activity is good for the long term because home prices won't appreciate until the distressed inventory clears, it is a warning sign for homeowners trying to sell this year that pricing competition continues.

"We expect to see foreclosure-related sales increase in 2012, particularly (short sales), as lenders start to more aggressively dispose of distressed assets held up by the mortgage servicing gridlock over the past 18 months," said Brandon Moore, RealtyTrac CEO, in a statement.

In Illinois as well as nationally, there was a shift last year toward short sales and away from bank-owned foreclosures, Moore said. The number of short in Illinois last year rose 26 percent.

For the year, 27,282 distressed homes were sold in the Chicago area in 2011, down 9 percent from 2010. The average price of $135,399 was a discount of 47.13 percent from the average selling price of non-distressed homes.

Loading more