Deerfield
Shadow inventory is down slightly from 6 month ago with 104 properties bank-owned or in pre-foreclosure (vs. 116 in January). About 80% of these are pre-foreclosure properties (people that haven’t been paying their mortgages and are at risk of eventual foreclosure or possible short sale). During the past 12 months, a total of 44 distressed properties were sold in Deerfield. Almost 60% of these were short sales, and about 66% were single family homes.
Hopefully some of the homeowners in pre-foreclosure right now will be able to remedy their situation. Unfortunately, many of them will not. And until most of these properties are resold to new homeowners there will continue to be downward pressure on home prices in Deerfield.
Note: A short sale is when a property is sold for less than what is owed on the mortgage AND the lender agress to forgive all or part of the shortfall. For more info on short sales, see my blog archive.
This is the second article in a series about the residential real estate market on Chicago's North Shore. The first article (August 1,2011) provided an overview of Shadow Inventory for all of the North Shore suburbs.
Thank you for reading!
nsk
To find any property for sale in the Chicago area click here.
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