Chicago Short Sales Still on the Rise; Slow Housing Market Recovery Predicted

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Chicago short sales are a rising, continuing trend according to the Chicago and Westchester short sale specialists of the Orrico Team. They also report that the housing market as a whole will take several more years to completely recover.

The Orrico Team
However, there is some relief for underwater homeowners in the fact that the banks are picking up their speed a bit when it comes to negotiations for both short sales and REO or foreclosure properties.

Down 19.2 percent from April of last year’s, the number of existing home sales in April 2011 in the Chicago region showed an increase of 7.3 percent from that of March as the traditionally busier spring home-buying season set in. A significant percentage of these home sales were short sales, according to Chicago and Westchester short sale specialists Denise and James Orrico.

Known as the Orrico Team, they are closely monitoring trends in the real estate market in the region, one of the most significant of which is the rise in short sales. Citing U.S. Treasury Secretary Timothy Geithner’s recently released statement on housing recovery, they also report that the market is likely going to take a few more years to recover.

“We don’t see the housing market making a full recovery yet this year or, indeed, if home sales and prices will ever go back to the levels that they were at before the recession,” says Denise Orrico. “However, there is some relief for underwater homeowners in the fact that the banks are picking up their speed a bit when it comes to negotiations for both short sales and REO or foreclosure properties.”

“There has been a rise in Chicago short sales since the start of the downturn and it’s a number that could increase if the bill being considered in Congress should pass,” adds James Orrico. He is referring to H.R.1498, the “Prompt Decision for Qualification of Short Sale Act of 2011,” which gives lenders a 45-day deadline for deciding on short sale offers. If passed, the bill could help shorten and simplify the short sale process.

For many distressed homeowners in danger of losing their home to foreclosure, a short sale is often the best option. The Orrico Team has extensive experience with short sales throughout the Chicago metro area, including Glen Ellyn short sales for sale. The team works primarily with homeowners who are underwater with their mortgages and have been unable to have a loan modification approved.

“Maybe they’ve recently been through a divorce or have had their incomes reduced due to job loss or a death in the family, or maybe they need to move but cannot sell their home for the amount that they owe on their mortgage—we understand how unpredictable life can be and our goal is to help our clients find the best solution,” says Denise. “If they are thinking about getting the short sale process started, Jim and I are here to help with all facets of a short sale, from listing to selling to coaching and counseling.” The Orrico Team closes on 99% of the listings that they receive contracts on and this is quite an impressive success rate considering the complexity of short sale negotiations.

To learn more about the Orrico Team’s short sale services and the real estate market in Chicago, visit their website at http://www.OrricoTeam.com or get in touch with them directly.

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James and Denise Orrico

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