We continue to hear and read so much about the impact of foreclosures on the national real estate market. There is much data to support the notion that 2011 home sales will be dominated by distressed sales. Let’s clear up some misunderstandings about the definitions of distressed properties and foreclosures.     Understanding the terms Distressed properties, or distressed sales, (in today’s market) is a term that includes foreclosures (often referred to as a bank repossession), short sales or pre-foreclosures. A foreclosure is technically a property where ownership has been taken back by the …

There's good news for our La Grange area neighborhoods as sales of existing residential homes—including condos, townhomes and detached homes—for 2010 vs. 2009 have substantially beat the national and Chicagoland statistics.  National/Chicagoland The National Association of Realtors reported the nation’s 2010 single family home sales were down an estimated 4.8 percent for number of units sold while average and median prices were flat. The Illinois Association of Realtors reported home sales in the Chicagoland Primary Metropolitan Statistical Area were slightly off, -0.5 percent, while the …