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Do You See What I See?

Depending on where you focused your attention this Fall season of 2011, you either are excited about the Chicago Bears, distraught that the BCS rankings haven't favored your team, upbeat the the Chicago Cubs may yet land a talented replacement to lead the team, pleased that the Chicago Blackhawks are first in their division, surprised that Mayor Rahm Emmanuel got his first budget passed with a unanimous vote, or concerned that the pace of foreclosures is increasing as we move into a typically slower time of year.

Then of course, you may be thrilled that distressed real estate, namely bank-owned property and foreclosure activity, is providing a greater opportunity for owner-occupant buyers, investment buyers, rehabbers, developers and even investors to acquire houses, 2-4 flats, mutli-family buildings, commercial properties and even vacant land at near-unbelievable prices.  No matter what you were focusing on this Fall, the market for distressed properties exists and is not showing signs of going into hibernation.

From our vantage point, you may not see what we see.  Nothing wrong with that.  Yet, for those that are focused on foreclosures, bank-owned homes, short-sales, REOs, OREO properties and note sales, there is a strong possibility that this holiday season could bring some eye-popping real estate gifts.

"We are seeing a continuing growth in acquisitions of foreclosures in Cook, Lake and Dupage Counties," said Bardan Azari, Cherry Picker Investments, a foreclosure advisory firm serving cash investors.

So, if by chance you don't like what others see, just close your eyes until, say 2014.  Then maybe open them back up.

Michael Hobbs

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