The one-two punch: Home sales down, foreclosures up

A pair of articles in Crain’s today paints a rather dreary – but not entirely unexpected – picture of the Chicago home market.

Home sales fell 28 percent in the fourth quarter of 2007; at the same time, foreclosures were up 50 percent in the Windy City from 2006.

The foreclosures piece points out another interesting number: 1.64 percent of all homes in Chicago were in some stage of foreclosure, according to the data from RealtyTrac, which put Chicago at number 30 out of 100 large metros surveyed.

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