In Oswego, IL, active foreclosures are down 33% from August 2012 with only 45 available today. There are currently 255 total homes available for sale. Only 18% of active homes are foreclosures and that percentage is dropping. With the strong real estate market we had in Oswego, IL this year, Oswego had 239 closed foreclosures since August 2012. That is up 37% from the prior year and has contributed strongly to the reduced inventory.
We had buyers flood the market this year and home inventory levels dropped to record lows with only a little over 200 Active homes for sale in August 2013 and close to 700 total Closed homes over the prior 12 mos!
Personally, we had multiple offers on almost every home we had listed in the first half of 2013! The Buyers were out in force! With the recent change in FHA guidelines allowing buyers with past short sales, foreclosures and bankruptcies to re-purchase in 1 year instead of 3 years (specific circumstances apply), we expect a strong real estate market to continue into 2014.
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Rich Ayers is a licensed Real Estate Managing Broker in Illinois and lead real estate contributor for The Oswego Patch. He also writes a monthly real estate column for Inside Oswego magazine. Rich was selected as Oswego’s Favorite Realtor by the readers of Glancer Magazine! Ayers Realty Group has EXPERIENCED Brokers who specialize in Residential and Investment real estate in Naperville, Oswego, Plainfield and the surrounding suburbs of Chicago. Visit our website at www.AyersTeam.com or follow us on Facebook or connect on LinkedIN.
