The Housing Chronicles Blog: Housing crisis increasingly moving up the food chain

Sunday, December 7, 2008

Housing crisis increasingly moving up the food chain

As the economy continues to soften, the foreclosures that were initially focused more on homes that were entry-level, in dicey neighborhoods and/or on the suburban fringe continue to move upscale, in this case Hinsdale, IL. From a Reuters story:

With a pretty red-brick downtown lined with stores, good schools and a railway line to nearby Chicago, Hinsdale has been popular among wealthy doctors, lawyers and executives.

It has also seen a 37 percent jump in foreclosure filings this year, according to research firm RealtyTrac, and local data shows the average home sale price has fallen to $1.07 million from $1.15 million in September 2007...

Click here for full story.

1 comment:

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