The last week before Christmas proved to be a solid one for Chicago area foreclosure auction sales. Up 6 sales from the week previous, the 78 properties sold from December 15th-19th could be seen as a last-minute surge before the holidays or could be an indicator for what to expect next year. Though there is usually a slow down before the holidays, this year seems determined to buck the trend. Instead of the dwindling numbers we anticipated, instead we are met with increasing auction numbers and investors finding properties at great prices.
One such property is on Bishop Street in Chicago. This single family, 2 story home has a Zillow-estimated price of $143,796 but sold to an investor last Tuesday (December 16th) for only $16,600! The home is located in the Englewood neighborhood, which is expected to experience a 1.5% increase in home values during the next year. When compared to the .1% decrease expected from Chicago as a whole, the neighborhood could be a good place to invest.
As the holidays grow close, we at the Illinois Foreclosure Listing Service want to wish all of our users, investors, partners and friends a happy and healthy holiday season. May you enjoy a break from work, a special moment with family or friends, and a fruitful new year!