Housing gridlock in Will County: Buyers are scared, sellers stuck
January 13, 2008
One of the nation's fastest-growing counties in recent years,
Will County now has the highest foreclosure rate in Illinois and its housing market has come to a standstill. Yet where California or Florida can blame out-of-sight prices, and Ohio or Michigan their shrinking economies, Will County remains affordable and growing even as its residential for-sale signs multiply.
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In the 1990s Will County's image evolved, and in recent years the area boomed. Between 2000 and 2006, it was among the nation's fastest-growing counties. Home construction and job creation far exceeded the norm. Joliet's population soared and Bolingbrook ranked among the state's wealthier ZIP codes. Bedroom communities sprang from the fields in New Lenox and other previously obscure farm towns.
Affordable housing and new jobs drew families on a beeline down I-55 from the Southwest Side of Chicago and the suburbs along the way. In many cases, they traded rental apartments for new homes priced well under $200,000. In 2006, of 21,350 households moving in, half hailed from Cook County, and nearly one-fourth from DuPage, according to IRS data.
Growth slowed in 2007 but still exceeded the state's. Over the coming decade, population and employment are expected to expand 18 percent, roughly twice the national rate and much more than in Illinois overall.
http://www.chicagotribune.com/business/chi-sun_will_0113jan13,0,1467109.storyi googled something on real estate to try to understand why the voter registration in dupage dropped 48000 since 2004. now, according to this article, about 5000 people moved from dupage to will county in 2006.
a little something from randi's website:
