Plainfield, 60585 (Aurora, Naperville, Joliet: for sale, foreclosures, credit)

[jcoffy]

We are in the process of searching for our first home. Although it's exciting, it is also scary. We have been looking in the zip code 60585 area.
Is there anyone here that can give me some more insight on the area? There seems to be A LOT of homes for foreclosures. If this is the case I will be ready for a foreclosure. I know thats happening everywhere, but wondering is there a more specific reason then just the economy or something else.

[TempesT68]

Plainfield is #2 in foreclosures only next to joliet. Plainfield was a town projected to be another "next naperville" with houses being pumped out left and right then crashed with the market. You can get alot of house for the money no doubt, but other things to factor are no train service, a huge pain to get into the city and the questionability if it's going to eventually pick back up to a expanding city like it was and become naperville like, or rot away into a romeoville or joliet.

[Steel Ovaries]

I am originally from that area and moved to Arizona a few years ago. Plainfield, like the Phoenix metro area, had alot of "financed millionaires". They lived to the hilt on credit and lived paycheck to paycheck, so when the paycheck dried up, the house went bye-bye. Same thing has happened in AZ where I live now. I wouldn't let that discourage you. Plainfield is a beautiful area. Of course, it does depend on where you work because as Tempest68 said, it can be tought getting in and out of town. But if you are working within a 30 minute drive of Plainfield, I would say go for it! Don't get yoru hopes up too high for a foreclosure though. If they didn't have the money to pay the mortgage, they didn't have the money for routine household maintenance either and you could end up with a nightmare!

[jcoffy]

Thank you for your advises and i look forward to any suggestions. That will be my first morgage I need all of you. Thank you again

[jamaicabound60565]

If your planning on staying in the home for say 5 year or more I would say its a good place to buy however if your not sure if your husband could get transfered a year and a half down the road or something like tht its probably not the best place.

Dont get me wrong plainfield is nice and I have considered it recently as well. You get a lot of house for your money, schools are decent, its safe, nice, etc.

LIke you said hwovver there's tons of foreclosures. It was billed as the next Naperville but that growth has totally stopped. Honestly I would almost choose oswego over plainfield, oswego is still growing nad developing while plainfield has kind of come to a halt.

Also, like you said there's tons of short sales and foreclosures and many more to come.

Other downside is its an even worse commute than south naperville.

all things considered plainfiedl is a good place to live an you get a lot of your money but make sure your going to be there for a while.

[mattywo85]

Lol I like how Plainfield gets singled out for foreclosures, have you seen the economy lately? You can get a great house for a great price, now is the time to buy. Also look into Bolingbrook, Naperville, Woodridge, Shorewood, parts of Joliet and Aurora.

[jamaicabound60565]

Originally Posted by mattywo85

Lol I like how Plainfield gets singled out for foreclosures, have you seen the economy lately? You can get a great house for a great price, now is the time to buy. Also look into Bolingbrook, Naperville, Woodridge, Shorewood, parts of Joliet and Aurora.

Obviously foreclosures are happening everywhere, Bolingbrook has quite a few as well and I'm sure there are many other burbs as bad off if not worse than plainfield when it comes to short sales and foreclosures but plainfield was having its boom at the peak of the housing market, when everyone was doing no doc loans, interest only loans, etc

There's parts of Oswego like this as well, the th near rt 30 and wolf nad also near 34 and 30 were built right around the peak and literally half of some subdivisions ar ein foreclosure. I was looking at zillow and places people bought for well over 200k at th peak of the market are now short sales going for like 99k.

Plainfield imho seems harder hit than some othr burbs i think a big reason do to the timing of whne it was booming.

[allen2323]

Originally Posted by jamaicabound60565

Obviously foreclosures are happening everywhere, Bolingbrook has quite a few as well and I'm sure there are many other burbs as bad off if not worse than plainfield when it comes to short sales and foreclosures but plainfield was having its boom at the peak of the housing market, when everyone was doing no doc loans, interest only loans, etc

There's parts of Oswego like this as well, the th near rt 30 and wolf nad also near 34 and 30 were built right around the peak and literally half of some subdivisions ar ein foreclosure. I was looking at zillow and places people bought for well over 200k at th peak of the market are now short sales going for like 99k.

Plainfield imho seems harder hit than some othr burbs i think a big reason do to the timing of whne it was booming.

What makes the foreclosure situation in plainfield really stand out is the sheer volume of newer foreclosed homes listed for sale. Hundreds of newer foreclosed homes are currently just sitting on the market. It seems that even the foreclosures listed at below market prices aren't selling in plainfield. In most other solidly middle class areas, the foreclosures are selling. It seems in plainfield even the foreclosures may be overpriced. It kind of looks like what is going on with newer subdivision areas in nevada and the west coast. When banks lose a considerable amount of money in a particular area they become reluctant to just let go and take the loss, for balance sheet purposes they hold on. This creates even a bigger mess for current homeowner in the area. I would wait to buy in plainfield until the prices on the foreclosed homes start to come down a bit and the foreclosed homes start to sell instead of just piling up.

[jcoffy]

to answer to your question: I think I will be there for long. This is the main reason I still need more information. Thank you to all