Chicago-area foreclosure auctions soared at the end of 2011 based on information reported from Bardan Azari at Cherry Picker Investments who represents real estate investors and rehabbers at auctions.
According to data released in December by ILFLS.com, The Illinois Foreclosure Listing Service, the quantity of properties sold at foreclosure auctions in December increased by 81% compared to December 2010 and increased by 13%, compared to November 2011.
As noted in earlier posts, one of the main reasons for this huge increase in auction activity is banks have resumed foreclosure sales as the robo-signing dust has continued to settle. As news of the first foreclosure mills hit the press and gained wide-spread attention due to the gross mis-handling of individual homeowners
of this decline was due to the delayed paperwork from the banks and legal issues with some of the lenders.
The biggest drop in new filings in December was in Kendall County, 18.42% decline, followed by Will County with 14.42% decline.
In 2011 there were 69,471 new default notices in the Chicago 7 County area versus 87,558 in 2010, a 26.04% decline. In the suburban 6 county area, the drop in new foreclosure filings was 26.47%.
"We expect there to be a similar trend in 2012 with possible increase of 5-10% in the number of new filings. This is partly due to the fact that most of the cases dismissed in 2010 and 2011 due to robo-signing errors are being refiled again." - a spokesperson for ILFLS said.
On the other hand, due to the holidays season the new filings in most counties were less compared to the numbers in November 2011.
Michael Hobbs, PahRoo Appraisal & Consultancy
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