WBEZ | @properties http://www.wbez.org/tags/properties Latest from WBEZ Chicago Public Radio en Chicago foreclosures go for 50 percent off http://www.wbez.org/story/chicago-foreclosures-go-50-percent-96842 <img typeof="foaf:Image" src="http://llnw.wbez.org/story/photo/2012-February/2012-02-29/P1040005.JPG" alt="" /><p><p>The foreclosure data firm RealtyTrac says you can buy bank-owned properties in Chicago for steep discounts, but a realtor cautions that you get what you pay for.</p><p>How steep? 50 percent off.</p><p>That’s how much RealtyTrac says foreclosed homes in the Chicago area fetched at the end of last year compared with non-foreclosures. But @Properties realtor Sue Fox says don’t expect luxury.</p><p>"Holes in the walls, stained carpets, buckled floors - all these things are very common when you walk into a foreclosure," Fox said.</p><p>So Fox says a lot of the discount gets eaten up with rehab costs and not everyone can afford that.</p><p>"A lot of homebuyers, regular homebuyers, can’t work with these properties because they can’t get a rehab loan to fix it up, unless they get an FHA loan," Fox said.</p><p>And that’s why Fox says many of these properties sit vacant for months, if not years, deteriorating even more.</p><p>RealtyTrac says homes in pre-foreclosure sold for about a third less than non-foreclosures in the Chicago area in the fourth quarter. Altogether, more than a quarter of all homes sold in the Chicago area in the fourth quarter were in pre-foreclosure or were bank-owned.<br> &nbsp;</p></p> Wed, 29 Feb 2012 18:06:00 -0600 http://www.wbez.org/story/chicago-foreclosures-go-50-percent-96842