Quote: Foreclosures are "the new normal"

“It’s this thing that people want to search because that’s their new baseline: What are the foreclosure prices in Oak Park or Oak Lawn? Five years ago, foreclosures were a little stigmatized, and they weren’t representative of what’s out there. Now you have foreclosures that are $1 million, and they’re nice properties. They don’t have damage to them. They’re the new normal.”

John D’Ambrogio, vice president of strategic development for Baird & Warner, on the trend of rising home sales and falling median prices driven by the number of high-quality distressed properties on the market. Baird & Warner recently added a new search tool to its Web site to help buyers interested in bank-owned foreclosures and short sales.

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