Foreclosures keep Chicago courts busy
The increase in foreclosures nationwide is making its mark in the Chicago courts system. The number of judges assigned to foreclosure hearings has already been raised to 14 from 10, and the backlog of cases continues to grow.
According to court records, the number of foreclosures in Cook County increased by nearly 50 percent during the first half of the year. If current conditions continue, the city can expect to see more than 40,000 foreclosures in 2008.
The increase in foreclosures is not only affecting homeowners and lenders of distressed properties, but the entire Chicago real estate market. Foreclosed homes are bringing down values of all condos and homes in neighborhoods that have been hit hard by the economic downturn. Homeowners who are trying to sell their home are competing with distressed properties that are often sold well below their original value.
Buyers looking for great deals on Chicago Real Estate are starting to find plenty of opportunities. However, a tight credit market and increasing requirements from banks and lenders have kept many buyers out of the market, further affecting the real estate market in the city.
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