Distressed houses make the market fluctuate

Chicago area has announced the beginning of the buyers’ season in February, but it turned out that the sales of existing distressed houses can slow down the market development.

The number of foreclosures who want to sell a house is increasing thus causing the ripple on the market.

The Illinois Realtor’s Association announced that the sales rose by about 30% compared than one year ago. But at the same time the median price has fallen. This discrepancy is the main concern for the homeowners who want to list their houses in spring. They will have to compete with distressed property, which is more attractive for buyers as it can be cheap and ready to be settled in.

The specialists say that the market is not going to stabilize till the market is free from all foreclosures, but it’s not going to happen in the nearest future s they expect a new wave of foreclosures soon. This is because that many homeowners can’t pay the mortgages.