Philadelphia Foreclosures - Chicago Foreclosures

By Author: vikram kaumr
Total Articles: 2912
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Two areas of the United States that have a lot of foreclosures are Philadelphia and Chicago. If you live around either of these cities and are looking for a home, this is the perfect time to take a look at Philadelphia foreclosures or Chicago foreclosures. Both of these cities have an abundance when it comes to foreclosed properties that can be located right in the city or outside of the city.

If you are looking for Chicago foreclosures, you may look in the city itself or look in the surrounding suburbs. Most of the Chicago foreclosures are not a result of a housing boom and bubble burst but the result of people who bought homes that they soon found they could not afford. Many people who bought homes based on adjustable rate mortgages or who have lost their jobs are in foreclosure or heading into foreclosure in both Chicago and Philadelphia. If you are looking for Philadelphia foreclosures, you can look right outside the city and even into the South New Jersey area where many people who work in the city live. You can find many Philadelphia foreclosures that are an easy commute to Philly and are priced reasonably. ...
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If you are looking at the Chicago foreclosures, chances are that you will be looking at the same price range when it comes to homes as you will with the Philadelphia foreclosures. The Chicago foreclosures are priced to sell as the home prices have dropped in this area as well. However, they have not dropped as dramatically in Philadelphia or Chicago as they have in other parts of the country. Still, you can get homes that are below market value if you take a look at either the Philadelphia foreclosures or the Chicago foreclosures that are listed. Most of these are bank owned properties in which the bank has foreclosed on the property and it has not been auctioned.

While some parts of the country saw a dramatic increase in house sales and a boom only to find the bubble burst and housing prices crash, such is not the case in places like Chicago and Philadelphia. However, if you are looking for a home in Chicago or Philadelphia, you can still find a bargain if you take a look at the Chicago foreclosure market or the Philadelphia foreclosures that are on the market. The Chicago foreclosure market includes homes that are luxury homes as well as those that are in blighted areas.

When you are looking at the Chicago foreclosure market, be sure to look at the homes that are in stable areas where the house values will once again increase. Although home prices have dropped in and around the Chicago area, they will most likely rebound faster than they will in other parts of the country. The same holds true for the Philadelphia foreclosures. Generally, foreclosures that are located around populous cities such as Chicago and Philadelphia are a good buy, but need some work to them. They will also rebound in value once home values start to rise throughout the country faster than homes in other areas of the country that were harder hit by the housing bubble bust.

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If you are looking for homes in Chicago, take a look at the Chicago foreclosure market where you can get some good deals. You can also pick up bargains if you are looking at Philadelphia foreclosures.