Illinois is the geographic center of America and offers some really nice and stylish homes. Illinois bank foreclosed homes are among the best in the country.
Illinois is also a transportation hub that connects one part of the country to the other. Illinois offers a vast range of homes in big cities as well as the small towns. Illinois has a diverse collection of communities that house close to 12.5 million people. With a strong economy backing the state, job opportunities are overwhelming and there is always scope for both professional as well as personal growth. It is presents a mine of opportunities in terms of real estate and for a first time homebuyer there is nothing better than Illinois bank foreclosures. These homes are like any standard home with the exception that they are up for auction as the previous homeowner was unable to pay his loan.
Illinois foreclosed homes are best buy because they are cheap and are located in a state that has efficient transportation, recreation activities, parks, and educational institutions. Illinois has a robust housing market, which further adds to the economic stability of the state. There is always a steady demand for fixer-upper, single-family and multi-family homes, condominiums and even townhouses and villas. Some of the foreclosure homes in Illinois have the Victorian-era look and style, while others look more urban. So as a homebuyer, you can get the best of both the worlds.
Illinois foreclosure homes can be situated in the busy suburbs or near quaint farming towns and offers the best of American life. All you have to do is choose the lifestyle that suits you. If you are looking for a post retirement home then a quaint town with a Victorian style villa can be enchanting. It is almost like a dream come true.
Bank foreclosure homes in Illinois are available with ease, thanks to the foreclosure filings in 2006, which skyrocketed to 55% outpacing the 42% increase nationally. These homes are available at a bargain price and you can find them in Illinois foreclosure listings. These are special list and are generally available with lenders, financial institutions or banks. The list is normally comprehensive and provides information regarding the total space, number of rooms, kitchen, locality etc of various Illinois bank foreclosures.
According to sources, the statewide median home price is around $199,900. You will find a contrast between the lifestyle and cost of living between Southern Illinois and Northern Illinois. The overall cost of living in Illinois is almost the same as the national average. If you are planning to move to Chicago, then the cost of living will be 12% above the national average. Alternatively, if you move a little south towards the Greater St. Louis region, then the cost of living is lower as compared to Chicago. The home price average here is around $130,000 as compared to Chicago where the average is $223,700. So if you buy Illinois home foreclosures in Southern Illinois then they will be much cheaper than their metropolitan cousins.
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