The event is special because the auction will be providing special opportunities for African Americans to buy homes for their own use or for investment purposes.

According to the nonprofit Chicago Urban League, which is partnering with auction firm Hudson and Marshall and marketing firm APD Solutions, the event is an opportunity for African Americans to take back their homes.

Cheryle Jackson, president of the urban league, explained that the scheduled special auction is a first in the city’s black community. She said that foreclosed home auctions have become ordinary in many places, but only a few African Americans hear about them or participate in them. The purchase of the foreclosed properties will stabilize neighborhoods, according to her.

Based on the auction records, most of the 70 foreclosed houses to be auctioned off are located in African American neighborhoods clobbered by foreclosures. They are priced from $10,000 to $340,000.

According to Jackson, financing will be offered onsite, but it is best for prospective buyers to get loan pre-approval before the auction date to be able to fight the competition.

Prospective bidders are required to register before the auction. They can also obtain some information on the foreclosure properties from the auctioneer and the marketer so they can make their own research.

Urban League officers are encouraging African American families to participate in the auction. They should not be intimidated because the process is not complicated. Even if they will later lose to other bidders, the event would be a special learning opportunity for them. They can witness how foreclosure auctions are done and how these are paid, so they can prepare for similar auctions in the future.

Even prospective homebuyers who plan to rent out the foreclosure properties are invited. Increasing the number of rental opportunities in the area will add rental housing opportunities for families displaced by foreclosures.

Additionally, if the foreclosed houses are bought by African Americans who live in the area, and not by out-of-state investors, the risk of abandoning the properties when conditions get difficult again becomes lower. Nonetheless, even buyers who are not African Americans are most welcome to examine the foreclosure properties.

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With the new record of Illinois foreclosures, the state is now ranked ninth in the top areas in the US that have the most number of foreclosure properties. More than half of the 12, 682 foreclosure homes in the state came from Cook County.

Meanwhile, one out of every 226 homes out of 990 in Will County has received a foreclosure notice. DuPage County listed one receipt of notice out of every 441 homes in the area. Lake County, on the other hand, is also trailing behind with a record of one notice out every 307 homes.

The above-mentioned data were adequate explanation of the 25% rise of the rates in Illinois foreclosures compared to its September rates. Nationally, rates were up to 5% compared to the national feel last September.

RealtyTrac Chief Executive Officer James J. Saccacio said that with increase in the rates of October, the month is now the 34th mark of the continuous increase in the number of foreclosures in the US compared to last year. Saccacio also said that the efforts of the government, borrowers and lenders to prevent or decrease the number of foreclosure homes in the country are admirable. However, he cited that more concrete actions and programs must be done to stop the growth of the alarming numbers.

Overall, RealtyTrac said that the states of Nevada, Florida and Arizona are believed to be holding the highest number of foreclosure rates in the country.

Find more Illinois Foreclosures by Top Cities:

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