Because Illinois has small-town charm and a bustling metropolitan center, surrounded by metro regions and suburbs, Illinois is considered to be microcosm of the entire country. That is why some real estate insiders have been watching the state with a keen interest, as a way to gauge the future of America's economic recovery.
Illinois has the fifth largest population of any state in the Union, and based on sheer quantity, no two local Illinois real estate markets are exactly alike. The state's Greater Grand Crossing area is currently the home of the nation's hottest real estate market. A Cook County sheriff is no longer forcing foreclosure evictions in towns, and some neighborhoods are being burdened by unnecessarily high property taxes.
Illinois, Home to White-Hot Real Estate Market
What was once mostly prairie and swampland in Chicago's south side has recently evolved into being the nation's "hottest" real estate market. National real estate brokerage firm ZipRealty recently examined data collected from 5,400 cities in 33 markets in order to locate the most searched for cities for potential house buyers and to see how price bids for properties fared in comparison. The research indicated that the state's Greater Grand Crossing neighborhood generated sales approximately 9 percent above the original home's listing price. "Hottest" has been used to indicate markets where sellers received more than the asking price on a property.
Cook County Evictions Temporarily Suspended
Recently, reports of bank caused fraudulent foreclosure activity has been in the news. Several large lenders have been accused of erroneously accepting foreclosure affidavits signed without proper review or a notary present. Mortgage lenders Bank of America, Ally Financial and JPMorgan Chase have all been cited for the activity and as a result, an Illinois sheriff has refused to serve eviction notices issued by those banks.
Illinois Sheriff Thomas Dart announced in October 2010 that he would no longer participate in the eviction process mandated by those lenders as his concience won't let him. Dart has stated "I can’t possibly be expected to evict people from their homes when the banks themselves can’t say for sure everything was done properly." The Sheriff notified the lenders in a hand written letter that indicated proper affidavits proving legal foreclosure in Cook County would be a necessity to continue the task. The communication was sent to the bank attorneys and they were granted five days for a response.
This is not the first time Dart has spoken up against local foreclosure and eviction processes. Two years ago the sheriff refused to carry out evictions for banks that failed to provide renters notification regarding foreclosure notices for the buildings and homes they lived in.
High Property Taxes Plague Illinois
As the entire nation is still waiting for an economic rebound and full recovery of the housing market, property taxes have been the bread and butter for most cities' budgets. In Illinois, some property owners have to make a more significant contribution than their neighbors. According to the Huffington Post (who compiled a list based on data by BlockShopper), Roscoe Village residents pay an average of $6,418, Wicker Park homeowners are subject to an annual charge of $6,129 and Wrigleyville property owners pay a hefty $6,024 per year.
Combined, all the news indicates that the Illinois housing market currently features a mixed bag of tricks, but that should not disuade interested home shoppers from pursuing their version of the American Dream. Instead, potential homebuyers are encouraged to cautiously (but wisely) enter the local real estate market, as there is a surplus of Illinois inventory including properties that will allow you to live like a star in Illinois. Additionally, mortgage rates are at historic lows and Mortgage Marvel will provide you with the Illinois mortgage rates needed to finance your purchase.
