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Thanksgiving: Family, Food, Fun and...Foreclosures?

By adminOn 12-02-2013
Thanksgiving: Family, Food, Fun and...Foreclosures?

Thanksgiving is a time to reflect on what’s good in our lives.  Whether it’s the little things like that delicious green bean casserole grandma makes or the big things like the roof over your head or the family surrounding you, it’s nice to take a few minutes to be thankful for what each of us has.  

Still, while Thanksgiving can be a great time for family, food and fun, it is not necessarily a great time for foreclosures.  From Nov. 25th-Nov. 29th, the market suffered due to the holiday.  Where the week before, Chicago foreclosures were gaining ground again, last week they dropped by 42 properties.  Sales at the auctions amounted to a mere 39 properties, which is the lowest we’ve seen in the past 6 months.  However, it would be unwise to read too much into this significant dip, since the week was taken up almost completely by Thanksgiving.

One interesting property that sold last week is located in Cicero.  Its Zillow estimated worth is $77,282 and it sold last Tuesday, November 26th for just $31,281.  The home is set on a 3,780 sq. ft. lot and is 1,059 sq. ft. of space with a detached garage, to boot!  It sold in September of 2004 for $177,000, so, although the zestimate has decreased with time, the investor was still able to nab the home for a steal.

Keep monitoring the Illinois Foreclosure Listing Service for new foreclosures on the market in the coming weeks.  As most people will be settling in for the holidays, it could be a good time to find a property and make an investment.

 

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