Aurora Repo homes cannot be fully understood without a brief discussion on the place itself and what is meant by Repo homes. In Illinois State Aurora is the second largest city. Aurora is referred to as the ‘City of Lights’ because it was one of the first cities to be connected with electricity. Figures show that from 1850 the population has been steadily rising indicating the growing prosperity of Aurora. But recently trouble has struck and innumerable Aurora Repo homes have made it less habitable. The racial mixture is a balance with nearly 40% Whites and 21% Blacks. Hispanics make up 45% of the residents. Most of the Aurora Repo homes, it is claimed, belonged to the Blacks and the Latinos, as they were not conversant with mortgage rules. The sub-prime floating interest mortgages were thrust upon them without their understanding the implications. This has led to many Aurora Repo homes multiplying in numbers. When interest rates rose these people could not afford to keep them. This is of course one argument that is being put forward to justify the growing numbers of Aurora Repo homes.
According to the most recent March figures released by RealtyTrac, Illinois State has a population of 12,763,371. There are 5,144,623 households. The average house price is $357,158. The word foreclosure includes all the stages of the judicial proceedings from default notice to auction notice and also the repossession by the banks. By Aurora Repo homes is meant those houses that could not be sold at the court auctions and were repossessed by the lenders – mostly the banks.
At this stage the banks try to independently sell the units. Aurora Repo homes are being offered at a discount because the banks want to be free of the many Aurora Repo homes that are weighing them down. If potential buyers are found for Aurora Repo homes then there is hope that the market will make a turn around. The Aurora Repo homes are usually kept vacant and this causes a lot of problems. Vacant Aurora Repo homes attract crime and health problems. Aurora Repo homes bring down the price of adjacent houses and also there are many instances of arson where there are concentrations of Aurora Repo homes.
In Illinois the trend in March 2008 is that there has been 8,624 new foreclosure filings, 346 foreclosure sales – the average price being $136,775. In the pre foreclosure stage there are 1,089 units, 572 are ready for auction, FSBO are 15 houses, for sale are 100 properties and 409 Repo homes.
