The Chicago real estate market has gone through some drastic changes over the last couple years. Most notably, high-end rentals around downtown Chicago have re-defined the housing landscape in neighborhoods like Streeterville, River North and The Loop.
But along with continued high-demand in the luxury rentals market, foreclosure activity around the Chicagoland area has diminished, yet another sign of a strong market only getting stronger.
According to the latest numbers from RealtyTrac, foreclosures in the Chicagoland area have now reached their lowest limit since 2007. In January, just 4,079 foreclosures were on the market in the entire Chicagoland region, which is down nearly 12% from just one month earlier in December.
And what’s even more astounding is that foreclosures in January 2016 are down an incredible 37.82% from January 15, and a jaw dropping 78.22% since July 2010.