Foreclosed homes selling every week on average

By Lauren Reiniger

Houses are being sold on an average of every week to a week and a half, according to Jim Healy, an attorney  in Berwyn’s community development department. 

Berwyn received a $4.6 million Neighborhood Stabilization Program grant from the state to buy and renovate 26 vacant and foreclosed buildings. To date, 18 out of those 26 homes are active on the sales end. Two houses have been sold, and 16 houses are currently under contract.

“Just this week, we closed on two houses. We are closing on two more next week, and probably three more the week after that,” said Healy.

Some applications have been denied because the buyers make too much money.

“One couple wanted to buy a home–they really liked the way we fixed it up–but they were over-qualified,” Healy said. “This is a federal program for those who have up to 120% of area-median income.”

This program isn’t about making money, according to Healy. The purpose is to get homes off the foreclosure list, fix them, sell them and generate property taxes, according to the Chicago Tribune.

“I expect that we will probably close every house that has been repaired by the end of January,” Healy said. Five remaining homes still need to be fixed throughout winter and spring.

For more information on Berwyn’s NSP program, visit http://www.berwyn-il.gov/Departments/CommunityDevelopment/NSP.aspx.

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