Julie Thompson, GM Sales & Marketing, IllinoisForeclosuresForSale.com
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The area of Rockford and Loves Park is a great area full of rich culture and the Rock River and there are great bargains to be found here in real estate.
Rockford is the second largest city in the state of Illinois and it is in a world of hurt today with unemployment all but bringing the city to its knees. The foreclosure market in Rockford has grown exponentially with the unemployment rate to the point that the housing market in the city is at its lowest point ever. The Rockford foreclosure homes contain mostly houses that were built during the height of the industrial history of the city from the mid 1950s through 1980 when almost every major manufacturing company had a plant in the city. It was the major source of wages for the town and people made good wages and spent well in the retail establishments and built nice and well-constructed homes.
As things started to stagnate and jobs were lost and shipped over seas the factories closed and construction of houses began to slow to the point where not many new homes were being built. The population of the city remained fairly constant and people that wanted newer homes actually moved to any number of the many smaller communities that dot the landscape around north central Illinois.
Today as the real estate market is crashing and burning around the people living there the foreclosure rates have risen to new highs and the median price has dropped to points that are almost unbelievable by any standpoint. Houses there today are many times selling now for less than they cost to build new back in the fifties or sixties when they should be selling for many times that amount.
That makes the area a great place to purchase. Although the smart money would be on purchasing the units and using them for rentals since that will ultimately garnish more income that you might realize in an actual turn around sale.
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