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Foreclosure properties have already become one of the best investment assets in the United States. The continuous decline in property prices have made real estate deals for those who have theability to purchase them.
An extremely large amount of distressed houses in the Chicagoland area such as (but certainly not limited to) Hyde Park, Pilsen, Little Village, Austin, Bucktown, Wickerpark, Galewood, Oak Park, Oakbrook, Bollingbrook and Naperville has caused the prices to continue to drop since July of last year. Analysts report that the price of homes have fallen to levels seen in 2003 and they are predicting more declines.
Real estate investors will definitely benefit from the current market condition.
A continuous decline in prices, especially with the glut of bank owned listings, is projected to cause housing sales to fall but investors will benefit as they will have more opportunities to purchase these properties at even lower rates.
Housing advocates revealed that the HUD program serves as the backbone of housing counseling in the United States and say that the decision of legislators in the country to cut the budget for housing counseling will result in more bank foreclosures hitting the market in the coming year. According to advocates, agencies offering counseling to troubled homeowners will be forced to lay off employees; a move that is expected to aggravate the foreclosure crisis.
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