As of March 27th of this year, the MRED LLC, formerly the MLS of Northern Illinois, added a tag to allow REALTORS to identify closed transactions as short sales. The small (S) you see next to the sale price denotes it was a short sale. This is important information for REALTORS, Buyers and Sellers.
Recent sales will determine the future listing price of other homes in the area - as well as offers made on currently listed property. Short Sale properties are often sold at deep discounts - so having this data can help balance the value picture when comparing it to other homes.
According to MRED LLC data - 1184 Short Sales of single family attached & detached homes have occured since implementing this new tag on March 27th. While this number is not exact - it can offer a quick snapshot of one aspect of the market. REALTORS must add this tag when closing out a property in the MLS. Properties included would be those that are "Short Sale/Foreclosure/Court-Lender Approval Required,etc.". If the REALTOR doesn't add the short sale tag - the sale is not included in the data.
Here's a look at the numbers by county:Short Sales/Foreclosures Since 3/27/08* *includes Single family attached &detached sales as marked (S) voluntarily in the MLS by REALTORS | |||
| County | # of Homes Sold | # of Sales Marked Short Sale/Foreclosure | % of Sales |
| Boone County | 66 | 5 | 7.57 % |
| Bureau County | 3 | 0 | 0% |
| Cook County | 7653 | 519 | 6.78% |
| DeKalb County | 133 | 9 | 6.76% |
| DuPage County | 1428 | 106 | 7.42% |
| Grundy County | 80 | 4 | 5% |
| JoDavies County | 0 | 0 | 0% |
| Kane County | 735 | 116 | 15.78% |
| Kankakee County | 150 | 17 | 11.33% |
| Kendall County | 230 | 23 | 10% |
| Lake County | 1076 | 93 | 8.64% |
| Lasalle County | 137 | 6 | 4.37% |
| Lee County | 11 | 0 | 0% |
| Livingston County | 8 | 1 | 12.5% |
| Marshall County | 0 | 0 | 0% |
| McHenry County | 500 | 69 | 13.8% |
| Putnam County | 0 | 0 | 0% |
| Stephenson County | 6 | 1 | 16.66% |
| Will County | 1098 | 122 | 11.11% |
| Winnebago County | 202 | 8 | 3.96% |
| Other Counties | 168 | 4 | 2.38% |
Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663
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