The Chicago Tribune reported this am (6/14/12) that Illinois home foreclosure activity rose 29% in May and is 54% higher year over year from May 2011.  These figures were released by RealtyTrac, and the filinngs (default notices, auction sale notices, and bank reposessions) represent 1 in every 325 homes in the state.

 

Illinois has the 5th highest proportion of foreclosures nationally, and in Chicago foreclosure rates worsened to 1 in every 252 housing units, 4th highest among the nation's largest metro areas.

 

WHAT THIS MEANS:  For sellers, its yet another piece of bad news, meaning prices will most likely continue to stay low and perhaps even trend down further as these properties move thru the short sale process (less likely that they go to foreclosure, as home owners are now more educated as to their options, and the serious repercussions for a full foreclosure).  For buyers, this means continued opportunities for heavy discounts, solid inventory to choose from, and as of this am, extremely low interest rates hovering around 3.91%.

 

MESSAGE ME if you are in need of help to prevent foreclosure, or are looking to buy at heavy discounts. 

 

--Nick

As always, I appreciate your Chicago area real estate referrals and would welcome the chance to discuss Exit Realty career opportunities with interested professionals!

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Star Posted by Nick Libert on 06/14/2012 10:35 AM   Comments (7)   Market Trends in the ActiveRain Channel   market outlook  
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7 Comments on Breaking: Illinois foreclosures up 29% in May, 54% higher than May '11

JUN
14
315,840 Points Outside Blog

WOW!!!!!!!!!!!!!!!!!!!!!!!! It sounds like there is some great opportunity for the buyers in your market,good luck   E
11:43am • #1
498,310 Points 150 Featured Posts Outside Blog Hit Router Called Shot Master

Nick:  Illinois has had a tough time of it lately in SO many areas.  Housing.  Government scandals.  Employment.  I'm always torn between announcing these issues.  But you're right ... someone's pain and financial stress can mean someone else's pot-of-gold.  Hopefully Chicago, Chicagoland, and all of Illinois will have some good news to report in the future ...

Gene
1:28pm • #2
645,228 Points 8 Featured Posts Outside Blog Called Shot Master

Nick, we are seeing higher numbers in my part of west Tennessee as well.
2:58pm • #3

Jesus wept
7:19pm • #4
230,369 Points 9 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

The best markets are where the jobs are located.  It sounds like the job market is weaker in this area causing more foreclosures this year.  It does create opportunities for many new buyers and investors.
11:15pm • #5
JUN
15
159,768 Points 8 Featured Posts Outside Blog

Nick, good job on communicating the info.

In regards to clients acquiring properties at steep discounts, give me a ring...I have some referrals for you,

Michael Hobbs
2:50am • #6
730,739 Points 15 Featured Posts Outside Blog Called Shot Master

Nick, sounds like families are having a pretty rough time in Illinois. Hopefully, the market will improve in the near future.
6:51am • #7


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