In Chicago home sales went up slightly in February from the month of January, but it went way down from the year before by 40 percent. Homes that were valued at $379,000 go for less than $189,000. When homes are foreclosed and they sit on the market for a long length of time then the banks will decide when to send it to a huge auction that is held in the nearest city.

In Chicago there were more than 400 foreclosed properties being auctioned by Hudson and Marshall, a large auctioning company. In order to become a buyer at the auction you can bid online or in person. When you place a bid online that the bank will accept they will place a sold sign on the information listed about the home online and contact you to complete the sale. In the auctions given in Chicago, they offer books with listings of homes that are being auctioned. They allow you to go look at the homes that interest you most and you can then decide which ones you are interested in and how much you are willing to put out. Some homes start out as little as $500.

Homes that are valued at $269,000 can be sold for less than $130,000 due to their condition and the neighborhood’s condition. Be sure to visit the house you are interested in and make sure you are willing to make necessary repairs. More than a 1,000 people are expected at the Chicago auctions where many homes come off the market.