Via Progress Illinois!The number of empty houses dotting the local landscape continues to rise as more Chicago-area homeowners lose their properties to foreclosure.
The local home vacancy rate hit 3.8% in the first quarter, up from 3.7% in the fourth quarter and 2.7% in the year-earlier period, according to the U.S. Census Bureau. The rate is the highest since the Census began tracking home vacancies in 1996.
It’s another troubling sign in a local residential market struggling to get back on its feet amid a severe three-year slump. More homes are sitting empty as lenders take them over through foreclosure and try to resell them, especially in depressed South Side neighborhoods with a lot of subprime lending activity.
Dispatches from Chicago's south side.
Wednesday, June 17, 2009
Empty houses increase in Chicago area
Crain's:
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If a good real estate agent can help grease the wheels and get your offer in front of a lender, you can get an answer more quickly, and potentially close more deals.
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