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Cook County Foreclosure Article
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The Quality of the Neighborhood is an Important consideration when Purchasing a Foreclosure Home
from:When you are prospecting for a foreclosure, home the neighborhood should be taken into consideration. We all want to have a great home, but the neighborhood also plays a big part in the value of the foreclosure home purchase.
Investigate the area:
• What is the surrounding property like? Is it well kept or rundown? Is it a residential area exclusive to homeowners or is there a mixture of homes and rental units sandwiched together?
• Is the community stagnant, deteriorating, or being built up?
• Is there commercial property in the area? Are their retail stores and grocery chains either already in the neighborhood are considering coming into it?
• Will you have easy access to retail outlets without having to use your car each time you need a loaf of bread or and gallon of milk?
• Do you have access to buses and taxis, trains, subways or other public transportation?
• How many for sale and for rent signs are visible? From a foreclosure home purchase standpoint, it is always a more lucrative investment if there are more homeowners than renters or tenants in the immediate area. Property values are higher in an area that caters to homeowners.
• Not only is it important to consider the condition and age of the foreclosure home you are considering, it is also important to look at the age and maintenance level of all the homes in the area.
• Similarly, consider the age and quality of the cars in the area as well as the city maintenance of the roads and streets. Are there quiet residential streets or busy thoroughfares?
• Are the sidewalks clean and litter free, is there a good quality trash collection system, are the public parks well maintained?
• Are there community centers, schools, training centers, career opportunities in the area or close to the area in which you would like to buy foreclosure home?
• How good are the schools rated in the area?
• Consider the noise factor if you will purchase a foreclosure home in the vicinity of a industrial park, opposite an elementary or high school, or within the downtown core where there is traffic congestion, night clubs and various other night life activity.
• What is the level of security in the area? Are there hospitals, clinics, fire stations, and police stations? Is there a neighborhood watch?
• What is the crime rate in the area?
As you can see from the details provided above that purchasing a foreclosure home is more than merely living in a home, it is a community investment. For more tips on community living click on the site U.S. Department of Housing and Urban Development
Cook County Foreclosure Specific links
Cook County Foreclosure News
Quinn, Preckwinkle team up on foreclosure program
The state of Illinois is teaming with Cook County on a trial program in which a loan fund will be created to buy vacant foreclosed homes, renovate them and resell them to home buyers at low interest rates.
Read more...High Year End Foreclosure Activity in Chicagoland Area. New Foreclosure Filings Dropped by 26.04% in 2011.
According to numbers released by ILFLS.com, The Illinois Foreclosure Listing Service, in December, new foreclosure filings in Cook County have increased by 14.32% while in the rest of Chicago land, the numbers of new filings have dropped on average by 11%. The increase in the number of completed foreclosures was 13.23%. In 2011 there were 26.04% less default notices filed compared to 2010 ...
Read more...Treasurer moves forward with foreclosure prevention program
BY AMANDA DURISH-COOK 810-452-2645 • adurish@mihomepaper.com GENESEE COUNTY — Findings from a recent Genesee County Tax Foreclosure Prevention work group report are outlining what needs to be done to inhibit an influx of tax foreclosed homes around the county. read more
Read more...17% of Chicago homes sold in 3Q were in foreclosure
RealtyTrac also found that 16% of homes sold in Illinois in 3Q were in foreclosure Sales of homes in foreclosure or already bank-owned represented more than 17 percent of all sales in the Chicago area during the third quarter, a decline from previous periods because of foreclosure processing delays.
Read more...16% of homes sold in Illinois in foreclosure
RealtyTrac also found that 16% of homes sold in Illinois in 3Q were in foreclosure Sixteen percent of homes sold in Illinois in the third quarter of 2011 were in foreclosure or owned by a bank, according to RealtyTrac. The average sale price was $133,121.
Read more...