Most days across the US, investors attend foreclosure auctions to seek and pick up bargains. However, the clearance rates of these auctions are very low showing a continuing underlying situation of over supply and under demand. Nevertheless, those buoyed by recent optimizm resulting of a small increase in home prices and buying at these auctions are picking up bargains.
In Illinois the jobless rate is over 10 percent putting continued pressure on home owners and continuing the supply of foreclosed properties. In Chicago, foreclosure auctions swelled to 9,947 in 2008, up from 2,905 in 2006. While real estate investors were not yet jumping back into the market, there are many bargains to be had by those with the nerve and foresight to look through the current doom. Buyers, as always, should be diligent with their research and inspections.
