National real estate market trends are great in that they provide an overall picture of how things are progressing while also providing a baseline for states looking to compare their numbers to a national average. However, when it comes to buying, selling, investing, or even renting in the current real estate market, local information is pertinent for making smart decisions.
Let’s take a look at the Chicago real estate market.
Decline in Foreclosure Filings for Chicago
One of the biggest indicators of real estate market progress toward recovery involves looking at the number of homes entering into the foreclosure process as well as the foreclosure backlog. States with a judicial foreclosure process are known for having a higher foreclosure rate now due to the delay that comes with having each foreclosure appear before a judge.
The state of Illinois uses the judicial system for its foreclosure proceedings; therefore, the state has been one of the many that has lagged behind non-judicial states in terms of progress toward recovery. However, the state – as a whole and the city of Chicago in particular – is finally seeing relief and a strengthening housing market.
Specifically, the number of foreclosure filings in Chicago has decreased 36.1% in the last year – which is significant progress. In the first half of 2012, the city had 34,978 foreclosure filings. During the same period in 2013, there were only 22,342 filings. West Cook County has experienced a 45% decline in foreclosure activity for the year with Cook County foreclosure filings declining 40%.
Along with the decline in filings, the area also experienced a 6.3% decrease in the number of homes that appeared in auction.
In short, although the city still has a ways to go before it returns to “normal,” the area is definitely making noticeable progress.
Chicago’s Increase in Startups
In addition to residential real estate market growths, the city is also experiencing a rise in startups that is leading to a high demand and low supply of commercial space. As a result of the improving markets and higher demand for office space, the price of rent has also rapidly increased in the city. Specifically, rent has increased to $26.07 per square foot, a 17.2% increase from 2010.
At the end of the day, things are looking up for Chicago. The residential and commercial real estate markets are improving, which should effect the city’s economic situation in a positive manner as well. If you are looking for foreclosures in Chicago, turn to Foreclosure-Support.com.