Story URL: http://news.medill.northwestern.edu/chicago/news.aspx?id=119123
Story Retrieval Date: 5/25/2013 11:29:23 AM CST
Chicago saw more than 77,000 housing units file for foreclosure last year, a 53 percent increase over 2007, property-listing site RealtyTrac reported. And properties listed now for less than the amount due on their mortgage loans, so-called short sales, add even more to this buyer's market.
Chicago Re/Max agents, like others around the country, are showing off available properties on weekend bus tours.
One recent tour in Chicago's River North neighborhood attracted about a dozen shoppers, most of them 20-somethings, a few with parents in tow, looking to “see what’s out there” before buying their first homes. As an added impetus, a new federal tax benefit of up to $8,000 is available to the first-time buyers.