Good news for the housing market! Foreclosure signs are becoming much less common. According to Crain’s Chicago Business, the number of Chicago-area homes in some stage of foreclosure during the first quarter has dropped to the lowest level in nine years.

Although this doesn’t signal a complete end to the housing crisis, it is a good sign that the market is close to a full rebound, something that wasn’t expected for at least ten years.

RealtyTrace, an online real estate information company and foreclosure marketplace, released figures for the Chicago area in the first quarter and found that 15,422 homeowners were in some process of foreclosure.

That number is the lowest it has been since the first quarter of 2007, right before the housing meltdown, when nearly 13,360 homes were in foreclosure.

The highest foreclosure activity in the Chicago area was in the fourth quarter of 2009, when 44,961 filings were submitted.

According to RealtyTrac, several major cities have foreclosure rates below the pre-recession average, including Los Angeles, Philadelphia, Washington, Boston, and Phoenix.

Elmhurst real estate continues to trend well below the average foreclosure rate, making local property a sound investment.

With a full recovery so close, now is a great time to consider buying or selling property. If you want to explore the possibility of either, we’re happy to talk you about the current real estate market. Call us at (630) 441-5570 or contact us at www.gmregroup.com.