Joliet, Illinois

The city of Joliet, Illinois has a median home worth of $139,300. Home values are rising tremendously in Joliet. In the past year, the worth of houses has increased 9.1 percent. There is the prediction that the worth of houses will increase 8.7 percent in the year to follow.

It’s farfetched, but what if houses continued to go up at this rate? If houses continued to skyrocket at the same rate as the above 2 year period, the value of houses would double in around 8 years.

For aspiring homeowners to be able to afford to enter the housing market, they may need to factor in a 4 percent, or 5 percent average annual increase in the value of homes. They can consult on this matter with an expert in the realty field, who also has a grasp on the economy. Different experts are going to have different opinions, but it is a place to start.

Getting back to Joliet houses, $159,900 is the presently listed cost median. In Joliet, $161,400 is the cost median for houses that have sold.

The estimated median annual household income in the city of Joliet, Illinois is $63,864.

The foreclosure rate is an important factor in the housing market for each area of our country. The higher the foreclosure rate, the lower the value of homes in that area.

There is a first step that happens when it comes to the process of foreclosure. It is called mortgage delinquency. Mortgage delinquency occurs in the instance that an owner of a house skips making a payment on their mortgage.

Joliet has a high percentage of house owners who have failed to make a payment on their home mortgage. It’s 2.8 percent. The national mortgage delinquency rate is quite a bit lower. It’s 1.6 percent.

As a consequence of the 2008 recession, house values fell a greater amount than 20 percent in the United States. This caused a lot of current house owners to currently be underwater regarding their home mortgages.

When a homeowner is underwater regarding their mortgage, it means that the homeowner owes a greater amount of money on their home mortgage than the worth of their home.

There is 16.7 percent of Joliet owners of houses experiencing being underwater concerning their mortgage. The metro area of Chicago has a lower underwater rate on their mortgages of 16.4 percent.