Competitive Chicago market makes short-sales a hot commodity

In the United States, homes in preliminary stages of foreclosure saw their share of overall housing sales grow in the first quarter of 2012. The increase was driven by a spike in short sales, the Chicago Sun-Times reports. All-in-all, short sales grew 25 percent on a year-over-year basis and hit a three-year high in 2012, according to the news source. What's more, bank-owned properties declined 15 percent compared to the first three months of 2011.

Homes for sale in Chicago, IL, have seen their fair share of foreclosure over the past few months, and homebuyers are rushing to the marketplace to find the most affordable option available to them. According to Huffington Post blogger Nico Lang, Chicago residents have flooded the market this Spring to try and get their hands on affordable housing.

Lang goes on to offer a few helpful tips for homebuyers looking for great deals, and while most of his tips feature some heavy sarcasm, he makes the point that location is the primary reason for low asking prices. While certain neighborhoods may offer lower prices, you may want to search short-sale listings to capture deals at a more efficient rate. Scouring lists of foreclosed properties in Chicago may be a worthwhile practice in today's competitive market.