THE CHICAGO FORECLOSURE BLOG

Savy investors continue purchasing properties at exceptional discounts!
September 2nd, 2010 1:59 PM
Savvy investors continue purchasing properties at exceptional discounts
Top News
Thursday, 02 September 2010 14:50

By Elizabeth Martinez

Miami, FL- As the number of foreclosures keeps growing, the opportunities for savvy investors who want to grow their portfolio of rental properties keep growing as well. Reports from RealtyTrac suggest that prices have gone significantly down in some markets, an opportunity for the so-called flippers to purchase, rehabilitate and resell properties in the short term.

Chief executive officer of RealtyTrac , James Saccacio, explained that "As the national economy continues to laboriously work its way back to prosperity in an uncertain future, the dynamics of local real estate markets continue to offer opportunities for investors to purchase properties at exceptional discounts,".
"The old saying that there's no better time than the present has never been truer than it is today." Added Saccacio.


Looking at the data available from RealtyTrac, the National Association of Realtors (NAR), and Bureau of Labor Statistics (BLS), we are able to determine that a number of the nation's metro areas stand out when it comes to finding the best deals out there for investors. These areas have been analyzed based on some specific criteria like the available discounts on purchasing distressed properties in the area. For the areas mentioned below, the average sales price discount is of at least 35 percent on foreclosure purchases, they also have a positive year-over-year growth in median home prices and relatively low unemployment rates compared to state and national averages.
Three areas that fall under these criteria are Memphis, TN, Milwaukee-Waukesha-West Allis, WI, and Buffalo-Niagara Falls, NY.


In Memphis, More than 3,000 properties sold in the Metropolitan Statistical Areas (MSA) during the first quarter of 2010, with 37 percent of those being foreclosure properties, selling at an average discount of nearly 53 percent, according to RealtyTrac. Furthermore, on a year-over-year basis, unemployment was up one point in March at 10.6 percent, according to the BLS. Despite the unemployment numbers, home prices increased 18.5 percent, with the average foreclosure selling for $72,904 during the quarter.


In Milwaukee-Waukesha-West Allis, WI, reports show that more than 2,200 properties sold during the quarter, with 22 percent of those being foreclosure properties selling at an average savings of nearly 48 percent. For this region, the March unemployment rate was below the national average at 9.8 percent. In addition, metro home prices rose during the quarter by 6.8 percent from the previous year, with the average foreclosure property selling for $89,839 during the first quarter.


In Buffalo-Niagara Falls, NY, although only 8 percent of the MSA's total 800 properties sold were foreclosures during the first quarter, they sold at a discount of more than 47 percent. Unemployment in the MSA was well below the national average at 8.6 percent in March. Furthermore, the metro's median home price rose 7.5 percent during the quarter from the previous year. Foreclosure properties there sold during the quarter for an average price of $57,191.


Other areas considered were Cleveland-Elyria-Mentor, OH, with foreclosures selling at an average discount of more than 45 percent, and San Francisco-Oakland-Fremont, CA Selling at a discount of 41 percent.


Posted by Kevin Conners on September 2nd, 2010 1:59 PMPost a Comment (0)

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5 Reasons Homeownership Trumps Renting
August 31st, 2010 7:29 PM

5 Reasons Homeownership Trumps Renting
The seemingly endless run of bad housing news is discouraging some potential home buyers from considering a purchase. But the truth is that the advantages of homeownership have very little to do with investment gains. The best things about owning a home have a lot more to do with personal comfort and satisfaction.

Here are five of them:

· Be your own landlord. The bank can only kick you out if you don’t pay; a landlord can be much less dependable – deciding to sell the property or choosing to live there themselves.


· Paying the principal is forced savings. Yes, it’s possible that home prices will fall further. It is also possible that your 401(k) will lose value. But over the long haul, both are likely to enjoy modest gains in value.


· Fixed-rate mortgages never rise – and eventually you pay them off. With mortgage rates at record lows, people who buy now are locking in real bargains.


· Good schools. Family-sized rentals are harder to come by in areas with excellent public schools.


· Spacious properties in pleasant neighborhoods. Sizable homes in attractive communities are almost always owned – not rented.

Source: The New York Times, Ron Lieber (08/27/2010)


Posted by Kevin Conners on August 31st, 2010 7:29 PMPost a Comment (0)

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Is Now a good time to buy?
August 31st, 2010 10:19 AM

Is now a good time to buy a home? Interest rates are still at all time lows - so don't miss your chance to buy a home at a great interest rate!

Freddie Mac released the results of its Primary Mortgage Market Survey and again, the fixed-rate mortgages set record lows1 for this survey. 30-year fixed-rate mortgage averaged 4.44% with an average 0.7 point for the week ending August 12, 2010. This is down slightly from last week when it averaged 4.49%. Additionally, the 30-year FRM averaged 5.29% at this time last year.

Frank Nothaft, Chief Economist of Freddie Mac, reports, "Low rates are helping to heal many battered local housing markets by increasing home-purchase activity. The National Association of Realtors® reported that 65 percent of the 155 metropolitan areas they track experienced yearly increases in the second quarter of this year. This compares to 60 percent of areas in the first quarter and only 44 percent in the fourth quarter of 2009."

For more information on purchasing a new home or investment property call:

Kevin Conners 708 906 6995

www.SuperSmartProperties.com


Posted by Kevin Conners on August 31st, 2010 10:19 AMPost a Comment (0)

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Attention: Home Sellers and Asset Managers
August 13th, 2010 9:53 PM
 
Attention: Home Sellers and Asset Managers
 
We have buyers for your property. As of today we have a list of over 5000 potential buyers for the following counties in Illinois:
 
Cook County
Dupage County
Grundy County
Kane County
Kendall County
Lake County
Will County
 
We are looking for owner occupied homes, Foreclosures, Pre foreclosures, Short Sales, Residential and Commercial Units.
 
If You are interested in selling your home please click the link below and fill out the form. I will call you back within 24 hrs. Thanks
 
 

Posted by Kevin Conners on August 13th, 2010 9:53 PMPost a Comment (0)

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Just Listed! 228 CAMPBELL DRIVE Bolingbrook, IL 60440
August 12th, 2010 10:24 AM
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Listings Photo
$245,000.00
228 CAMPBELL DRIVE

Bolingbrook, IL 60440



Beds: 4 Rooms: 0
Full Baths: 3 Sq. Ft.: 0
Garage: 0 Built: 1981
 

Perfectly renovated for your buyers. Must see! Almost everything has been redone. New paint inside and out, furnace, hot water heater, lighting, appliances, etc. Basement completely redone and offers the possibilities for another bedroom, office, rec room - whatever a buyer desires!
This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Kevin Conners
Chase Real Estate LLC
7089066995
www.supersmartproperties.com



 
  Visit this listing here

Posted by Kevin Conners on August 12th, 2010 10:24 AMPost a Comment (0)

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Just Listed! 2439 S. EUCLID AVE. Berwyn, IL 60402
August 12th, 2010 9:41 AM
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$97,500.00
2439 S. EUCLID AVE.

Berwyn, IL 60402



Beds: 4 Rooms: 0
Full Baths: 1 Sq. Ft.: 0
Garage: 0 Built: 0
 

BERWYN FORECLOSURE 4 bedroom 2 bath Purchase $97,500 Rehab Est. $25,000 Value Est. $200,000 Don't wait call me today! 708 906 6995 WWW.SuperSmartProperties.com
This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Kevin Conners
Chase Real Estate LLC
7089066995
www.supersmartproperties.com



 
  Visit this listing here

Posted by Kevin Conners on August 12th, 2010 9:41 AMPost a Comment (0)

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Just Listed! 1119 BRECLAW DRIVE Calumet City, IL 60409
August 6th, 2010 9:25 PM
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$75,000.00
1119 BRECLAW DRIVE

Calumet City, IL 60409



Beds: 3 Rooms: 0
Full Baths: 2 Sq. Ft.: 0
Garage: 0 Built: 1986
 

CALUMET CITY FORECLOSURE Value $165,000 Price: $75,000 Rehab Est. $20,000 Don't wait call me today! 708 906 6995 www.SuperSmartProperties.com www.UpscaleHomesChicago.com www.WeRentHousesIllinois.com
This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Kevin Conners
Chase Real Estate LLC
7089066995
www.supersmartproperties.com



 
  Visit this listing here

Posted by Kevin Conners on August 6th, 2010 9:25 PMPost a Comment (0)

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Looking for a New Home or Investment Property?
July 30th, 2010 3:33 PM
Looking for a New Home or Investment Property?


I have more great deals coming in the weeks to follow!
Call me for a free consultation. 708 906 6995

If your looking to purchase:

New or Foreclosed Homes ~

 I have many homes available with great incentive programs such as properties to purchase with as low as $100.00 down. Also Ask me how to get up to 3% of Purchase price toward closing cost credits!

New Investment Property~

Fix and Flip~
We make the System easy for you $$$
We will help you Find, Fix And Sell your investment property! We Have contractors, Lenders, Attorneys, and A Great Real Estate Team to help you get through your transaction. We have contractors with many years of experience rehabbing investment properties. They will help you bring the property back to life. This will help in the resale of your property!

Rental Property~
Looking for Cash Flow?


 
Your in the best market ever for Buy and Hold Property. Rents are at all time highs. Many people cant get financing due to decline in employment and bankruptcy. This is where you come in helping them restart and rebuild by renting them a new home or doing a rent to own so they can purchase and rebuild. This creates a win win for everyone.

Need a Loan?
We have specialized Lenders for the following loan programs~

Owner Occupant:
FHA, 203b, 203k renovation loans Va, or Conventional loan programs.
Down Payments From $100.00!

Investor loans:
Conventional and Construction Loans available!
Down Payments from 10% of purchase price. This may vary per investor and deal.

Deals of a Lifetime are here. Interest Rates are at Historic Lows. Don't Be Left Out on the Best Market in History!

Call me anytime~

Kevin Conners
708 906 6995

www.SuperSmartProperties.com



"This is the time that people should be going out and making unbelievable deals on real estate."

Posted by Kevin Conners on July 30th, 2010 3:33 PMPost a Comment (0)

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Just Listed! 25838 Woodrush Way Channahon, IL 60410
July 28th, 2010 10:12 PM
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Listings Photo
$209,900.00
25838 Woodrush Way

Channahon, IL 60410



Beds: 4 Rooms: 0
Full Baths: 2 Sq. Ft.: 0
Garage: 0 Built: 2003
 

Need more space? Look no further. This lovely home has it all. Bright and roomy loft overlooks 2 story family room. Spacious eat in kitchen with breakfast bar. Extreme luxury Master bath with whirpool tub and separate shower. Ceiling fans in all 4 bedrooms. Channahon schools and Park District. Hurry. Won't Last Long!!!
This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Kevin Conners
Chase Real Estate LLC
7089066995
www.supersmartproperties.com



 
  Visit this listing here

Posted by Kevin Conners on July 28th, 2010 10:12 PMPost a Comment (0)

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It's Great Time for Housing Deals
July 26th, 2010 11:21 AM

It's Great Time for Housing Deals


Paying off an underwater mortgage and buying a better home could be the best tactic in this troubled market.

"If you are trading up, what better time than when interest rates are at record lows and the cost of the trade-up is much less than it used to be?" says Christopher J. Mayer, a Columbia Business School economist.

With 15-year fixed-rate mortgages at about 4.5 percent, it also makes sense to pay off the mortgage and keep the house. "At this point," says Jay Brinkmann, chief economist of the Mortgage Bankers Association in Washington, D.C., "if they don't have anything else that is bringing a tremendous return, then they are buying themselves an annuity by paying their house off sooner than they needed to."

Source: The Wall Street Journal, M.P. McQueen (07/24/2010


Posted by Kevin Conners on July 26th, 2010 11:21 AMPost a Comment (0)

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