CHICAGO (WBBM) - At least one pocket of Chicago's housing market picked up over the weekend. Hundreds of foreclosed homes sold at auction.
With more than 2,500 bidders, over 400 foreclosed homes sold for a total of nearly $21 million at a weekend auction at the Stephens Convention Center in Rosemont.
Among the homes that were up for bids, a 4-bedroom house in Northbrook that had a starting bid of $169,000 and a 3-bedroom Franklin Park home, once valued at nearly $600,000. The bidding on that one started at $29,000.
REDC, the company that auctioned off the homes, calls it the silver lining of the foreclosure crisis, taking vacant boarded-up homes off the market.
According to Realtytrac, Illinois now ranks 7th in the nation for the highest foreclosure rates.
More information at:
www.auction.com
www.realtytrac.com
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