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Editorials
A glimmer of hope on real estate market : Editorials : Oswego Ledger-Sentinel : Hometown Newspaper for Oswego and Montgomery, IllinoisA glimmer of hope on real estate market
| 3/22/2012
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Has Kendall County's depressed housing market finally hit bottom? As we reported last week, the county circuit clerk's office and the Illinois Association of Realtors reported there were more home sales than foreclosures in 2011.
For those keeping score, home sales in the county last year totaled 1,581, that is 363 more sales than the 1,218 homes that went into foreclosure. Last year was the first time since 2008 that home sales outpaced foreclosures.
The trend so far this year is also positive. The circuit clerk reported that for the first two and one-half months of this year, foreclosures totaled 277, down from the 294 during the same period last year.
These signs of improvement are modest indeed, but we welcome any positive news.
The auto and other industries continue to slowly rebound, but the local and national economy won't return to full strength until the housing market finally recovers. That will happen when the glut of foreclosed homes is finally off the market and local real estates prices can, in effect, re-set. In the meantime, many of those now able to buy homes will continue to look to purchase foreclosed homes at bargain prices.
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