Prices of Government Foreclosures For Sale Still Dropping Despite Recent Spike

by on Foreclosures

While prices of government foreclosures for sale in Galesburg seem to increase, the City Assessor is not yet keen to declare an upward trend for the season. There seems to be no explanation yet for the increase in prices of homes being sold in the area for the period of 2006 to 2010.

The result of the assessment for the latter part of the decade showed that home prices sold from 2009 to 2010 may have increased from $66,300 to $78,600. The City Assessor disclosed that he had lowered the assessment for Chicago foreclosures for sale both on the south and north side of the city to provide uniformity for tax purposes.

But he also said that it is possible that he may have also underestimated the figures. He, however, expects that the state would at least generate a 3 percent figure, which is slightly higher than his initial 3.5 to 4 percent negative assessment.

He stressed that while neighboring communities may be showing price increases in Illinois foreclosures, a continuous upward trend could not yet be predicted.

The observation is backed by the recently released Standard & Poor’s/Case-Shiller index which showed the numbers may not be showing the true state of the market.

On the other hand, the said index highlighted the fact the recession is still ongoing and there are no new statistics to show that the economy is making a rebound. In fact, the report even showed declining figures at par with 2003 levels.

The drop in the average price of government foreclosures for sale is actually expected as fewer people who are financially capable are buying.

A resident observed that the effects of the current real estate crisis were more severe now than when an indispensable health and mental center was closed in the 80s. It was believed that real estate in Galesburg lost at least 20 percent of its value when said institution closed.

But still, the assessor is keeping her hopes high as he reiterates that  Galesburg had always had its unique appeal to people especially those who are looking for the perfect retirement place. In fact, many bank houses for sale in the area cater to the retiring market.

This unique appeal of Galesburg could provide as springboard for the revival of buyers’ interests in its real estate. The city boasts of quality medical care for senior citizens as well as world-class service to retiring folks. In addition, there are enough government foreclosures for sale that one could choose from as a retirement home, possibly even the cheapest in the whole of Chicago.