In a March 30th Article in The Christian Scientist Monitor writer Mark Trumbull discussed that Illinois (along with New Jersey, Maryland, Florida, Georgia, Connecticut, California, Alabama, and Michigan) exceeds the national 9-month supply- average of distressed properties (i.e. those properties in which mortgage payments are 90 days delinquent).  While this information can be distressing for Illinois Realtors®, there is a silver lining to this cloud.  These statics have actually decreased by 2 million units from last year.

What can you as a Realtor® do to combat this information?  When meeting with prospective sellers, you can help to allay some of their fears by informing them of the decline from last year’s numbers.  Additionally, thanks to more banks offering loan modifications to at-risk borrowers and the government’s Home Affordable Modification Program, more home owners will be more likely to stay in their homes in lieu of foreclosing.  With as much inventory that remains available, this spring and summer will continue to be a buyers market.  Hopefully, the coming months will result in a buy up of the excess inventory.

Full version of the discussed article can be found here: Which State Faces The Biggest Foreclosure Risk?

Article Summary provided by Charles Rutenberg Realty the Best Choice for Chicagoland Realtors®