Mount Prospect Home Sale - Traditional, REO and Short Sale Numbers
Two snapshots below are showing real estate trends for the past 3 years in Mount Prospect, IL and are comparing sold properties by the type of sale.
The first chart is showing traditional sales, REO (foreclosures) and Short Sales for detached single family homes in Mt. Prospect, IL.
As we see, the volume of the sales are a bit lower. We had a big drop in short sales. 35 homes were sold as a short sale in 2009 compared to 20 short sales in 2011. Some short sale homes turned to foreclosed homes and the number grew accordingly.
The second chart is showing the numbers of attached single family homes. The numbers are for condos and townhouses in Mount Prospect, IL.
We can see the volume of short sales and REO for attached single family properties doubled when comparing 2009 to 2011. With the record low mortgage rates, the combined sales jumped from 2009.
Short sale takes patience and effort that could save you about 10%, while the REO homes price difference is much lower and you need to be ready to do a lot of work.