4Q distressed home sales up 16% in Chicago area

Fourth-quarter sales of distressed homes and condos in the Chicago area rose 16 percent from the third quarter and were up 25 percent from the fourth quarter of 2011, RealtyTrac reported Thursday.

In the last three months of the year, 7,347 home sales, accounting for 28 percent of all homes sold in the Chicago area, were short sales or foreclosures. They sold for an average selling price of $132,232, a discount of 44 percent from the non-distressed market. Read the full article here.