Despite Carpentersville's high 8.8% foreclosure rate, the town is enjoying a housing market revival, said local real estate agent Jim Dumont.
The recovery is being fueled by a local electronics manufacturer, Otto Engineering, which buys and rehabilitates foreclosed homes that are empty and worth almost nothing, Dumont said.
"They're not looking to make a profit, just doing it to revitalize the town," he said. "They take some of these small ranch houses down to the studs and redo them."
Unlike the homes Otto buys, this house is in good condition: no gut rehab needed. It has three bedrooms, 2,400 square feet and is on a half-acre lot. It features a master suite, separate dining room and hardwood floors.
And it's listed for 55% less than it sold for back in 2004.
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New residents are flocking to these 10 cities, which added the largest number of residents last year, according to Census Bureau.
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 4.05% | 4.05% | |
| 15 yr fixed | 3.15% | 3.18% | |
| 5/1 ARM | 2.87% | 2.85% | |
| 30 yr refi | 4.04% | 4.03% | |
| 15 yr refi | 3.14% | 3.16% |
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