That’s the latest good news from the Chicago Tribune, which recently published an article about the housing market in the “Windy City” area and how first time home buyers there are keeping it afloat with foreclosure purchases.

Here’s a snip:

“Value-conscious, first-time buyers have become key to the housing market’s recovery, and they are snapping up priced-right foreclosures despite the warts-and-all, sold-as-is condition of the properties. The glut of foreclosures has pushed down home values, so heightened interest in buying them benefits the immediate neighborhood and the overall housing market.”

Chicago — among the top five most populated cities in the United States and the largest of its kind in the Midwest — has a rich history and offers a lot to its residents and visitors alike. Accordingly, Chicago has long been a desirable (albeit sometimes expensive) place to live and establish a successful career.

So when real estate prices dip it should come as no surprise that buyers are eager to pounce on deals that perhaps only come around once in a lifetime. In fact, the article indicates that the values are so good that “attractive pricing is causing a noticeable increase in multiple offers.”

We took a quick spin through the Foreclosure.com database of possible deals in Cook County, Illinois, which is where all the best home deals in Chicago are located. And, unsurprisingly, we found several ridiculously discounted properties — check out this one right here, which is listed for just $118,750 and has a potential equity spread of $435,121!

To search our database for more great Chicago foreclosure homes and others located throughout the nation click here.