Will County, Il Foreclosure Cleanouts

What will the Greater Chicago area foreclosure market resemble in the near future? Well, let's put it this way. It will be another very prosperous year for field service companies performing cleanouts in Will County, Illinois. Real estate brokers won't be so lucky.

RealtyTrac Inc. said April 15th that the amount of U.S. homes taken back by banks went up 35 percent in the first quarter from last year. In addition, home owners facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.

More properties entered foreclosure and were scheduled for auction than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data, the company said.

"We're right now on pace to see more than 1 million bank repossessions this year," said Rick Sharga, a RealtyTrac senior vice president.

All across the country real estate agents are nervously awaiting April 30, 2010. That is the day the first-time home buyers tax credit is due to expire. What is not known, is how this will effect the the market. There is a general feeling in the industry that this will cause an increase in already falling home prices. Unfortunately, this leaves a seller with only one true option to move a property...drop the price. It's no wonder that sales will drop in market such as this.

Barbara Matthopoulos, a spokesperson for the Chicago Association of Realtors said, "We don't think this credit is going to come back to life anytime soon."

The decision in Congress to extend this program is sure to go down to the final hour. A politically charged season can possibly sway opinion on this. Many politicians will not want to kill a program that has proven successful.

Even if this credit gets extended, it will have little impact on the foreclosure mess. The Greater Chicago area will see a growing foreclosure market in 2010. Visit this CLICK HERE for more useful information regarding the foreclosure situation in the Chicago area. There will be many overworked property preservation companies in Cook, DuPage, Will and Lake counties of Illinois in 2010.

By: Paul Merkle

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Merkle Property Preservation, Inc. specializes in REO/foreclosure inspections and cleanouts in the Chicagoland area. Visit us at Merkle Property Preservation, Inc. for a full list of services we provide.