REO

A number of reports were released this week about distressed home sales. In large part they show that the number of traditional sales are increasing, thereby decreasing the percentages of short sales and foreclosures (REO) being sold. The infographic below shows the Grundy County breakdown for the last year.

38.6% of sales in the last year in Grundy County were distressed.

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Will County has homes for sale. Lots. Taking a look at the non-new construction homes available (resales, or existing homes), this is the breakdown we see. Of 3,502 properties available,  60.37% are traditional sales, 12.99% are foreclosures and 26.64% are short sales.  That means about 60% (or 3 out of every 5 properties) of the market is traditional and 40% is distressed. Of course, real estate is local guy says not to necessarily think that’s where you’re at. More on this tomorrow!

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REO Nightmares

by Jim Ludes on April 22, 2011

in Friday Fun

I’ve got a client with an offer in on a foreclosure (REO) house in Downers Grove. I haven’t heard from the listing agent despite my calls and emails since the wee hours on Friday night. This is how I feel today (not my video but one I admire). I’ll have a serious post in the future about my feelings toward the double standard in real estate that binds me to dates and rules, but allows foreclosures and short sales to do whatever they want.

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