I found this article informative which I thought I would share. Keep in mind...Once the foreclosures are sold, the market (and prices) will stabilize.
The arcticle is Courtesy of The Beacon News - December 4, 2008:
"Tom Baumgartner is on the front lines of the housing collapse. The Kane County sheriff's lieutenant has to coordinate sales on properties that have been foreclosed.
Back in March, Baumgartner estimated 900 more properties, mostly homes, would be foreclosed by October. He was way off. As of Wednesday, the Kane County sheriff's office had recorded more than 2,700 homes sold into foreclosure -- 2,168 since Baumgartner's prediction.
"I don't see this as the bottom of it," he said, adding that he expects the problem to continue into 2009.
The largest spike in foreclosure sales throughout Kane and Kendall counties occurred in the second half of this year.
Baumgartner said 2,726 properties have sold in foreclosure so far -- up 36 percent from last year. A similar trend is taking place in Kendall County, where foreclosures are up nearly 40 percent from last year.
In 2007, 149 foreclosed properties were sold in Kendall County, Sheriff Richard Randall said Wednesday. So far this year, 208 properties have been sold.
September marked the county's highest number of foreclosed properties sold in any single month this year. About 63 properties were sold in September alone, compared to 64 homes from January to March.
"With the possibility of people being laid off and cut back, that's probably part of the spike," Randall said.
Foreclosure statistics by city are even more telling of a national crisis that is hitting blocks, neighborhoods and subdivisions throughout the Fox Valley.
According to a regional foreclosure report by Chicago-based Woodstock Institute, the city of Aurora had 805 foreclosure filings in the first half of this year, compared to 1,031 for all of 2007.
If the trend continues, Aurora could be on pace for more than 1,350 foreclosures by the end of this year.
The report also found that Aurora leads the Chicagoland area in most foreclosure filings outside Chicago for the first half of this year. Data is based on filings in the 100 largest communities (excluding Chicago) in the region.
Joliet trails far behind Aurora with 548 filings, followed by Elgin with 471, Waukegan with 370 and Calumet City with 256, all from the first half of 2008.
In St. Charles, foreclosures were up 38.5 percent. In Geneva, they were up 15.6 percent.
Batavia was one of four communities that saw a drop in foreclosures -- down 16.3 percent. About 36 foreclosures were filed in the first six months this year, compared to 43 filings from January to June 2007.
Baumgartner says buyer interest in such properties has not ceased. About 10 to 15 investors show up every Thursday to bid on properties, he said. These buyers must put down 10 percent of the total amount on the spot, and full payment is required within 24 hours.
"It's not your average John Q. Public," Baumgartner said.
Sales are conducted by sheriff's departments. In Kane County they are held at 9 a.m. every Thursday at the Kane County Courthouse. Kendall property sales are held at 8:30 a.m. at the Kendall County Courthouse."
CLICK HERE for a Free List of area Foreclosures!
Comments(0)