According to data from RealtyTrac’s March 2015 Foreclosure Market Report, average foreclosure time was 620 days during the first quarter of 2015, up from 604 days in the previous quarter and from 572 days in the first quarter of 2014.
The suburban Chicago housing market posted a 19.3 percent increase in the number of homes sold compared to March 2014.
Chicago luxury transactions (properties sold for more than $1 million) grew in the number of sales.
According to the National Association of Realtor’s data, properties with serious mortgage delinquency or in some stage of the foreclosure process consist of only 4.5 percent of all mortgages, down from almost 10 percent a few years ago.
Many first time buyers with weak credits are buying homes.