Sold! 400 Homes Snagged From Foreclosure

$21 million purchases spark sagging real estate market

Monday, Mar 23, 2009  |  Updated 8:32 AM CDT
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Sold! 400 Homes Snagged From Foreclosure

There were plenty of happy home buyers in the Chicago area over the weekend.

Over 400 Chicago-area homes sold over the weekend. 

A boost to the local housing market? Not exactly.

In fact, the hundreds of foreclosed homes were sold at auction, WBBM radio reported.

With more than 2,500 bidders, over 400 foreclosed homes sold for a total of nearly $21 million at a weekend auction at the Stephens Convention Center in Rosemont. 

Illinois now ranks 7th in the nation for the highest foreclosure rates, according to Realtytrac.

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