Wheaton IL Real Estate homes for sale at a steal
Wheaton, a small city with a population of about 55,000 and a part of the Chicago Metropolitan area, has a sizable real estate industry. Wheaton IL real estate http://www.realestateinwheatonil.com industry otherwise a stable market has seen a lot of volatility in the past few months. It is seeing its share of bank foreclosures, dropping prices, and decreasing construction rate.
The number of bank foreclosures has risen by a staggering 60 percent from last year and the number of bank seizures for the period has also more than doubled. The Wheaton IL real estate http://www.realestateinwheatonil.com market has been hit hard by the faltering economy and is struggling hard to retain itself.
This has had an impact on the real estate industry of the area in a way that the average selling prices of homes have fallen considerably. The market value of the houses in Wheaton IL, has seen a drop of over $100 k from the same time last year.
The Federal Reserve Bank has lowered the interest rate, reducing it by ¾ a percentage point to 2.25 percent in an attempt to combat the rising number of home foreclosures and the falling home prices.
However the other side of the current situation is that with dropping interest rates and lower home prices, experts feel that this is a good time to invest in http://www.squidoo.com/wheaton-il-real-estate real estate in Wheaton IL, for both living purposes and also from an investment point of view.
Out of the approximately 19,900 housing units present in Wheaton IL, 504 are vacant. Weichert Realtors with more than 18,000 sales associates spread over 500 different offices offer their expert services in finding the right homes that suits both tastes and budgets. They also provide professional advice on insurance and mortgage and cater to all real estate needs under one roof.
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