Prime western Chicago suburbs seeing numerous foreclosures

Recent data from the Woodstock Institute suggest that the foreclosure problem has spread well beyond the city and is now afflicting some of Chicago's more desirable western suburbs.

During the first half of 2010, according to a Woodstock Institute report, there were 106 foreclosures in Bloomingdale, 514 in Bolingbrook, 158 in Carol Stream, 104 in Downers Grove, 297 in Naperville, 161 in Oak Park, and 89 in St Charles, to name a few.

Some sources quoted in a recent Sun-Times article suggest that the 40% discount at which foreclosed homes are selling sets the market price for other homes in an area. That's a proposition that's disputed by many in the real estate business. If true, however, it may present home buyers with a window of opportunity while mortgage interest rates are at record low.

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