The amount of foreclosure proceedings for 2011 are up from 660 new pre-foreclosure filings in 2010 to 944 new filings in 2011. These numbers are from January 1st through November 30th for both years. Until the end of this final month of the year I won’t have the final yearly totals, so I compared both years through the end of November to keep the comparisons consistent.
This is not good news for anyone looking to sell a home as a regular residential sale in Plainfield IL anytime soon. These homes will most likely sell at discount through either short sale or through foreclosure, which will continue to drive down the prices of regular residential real estate throughout the community in the long term. But really, how much lower can prices get? I can’t believe the closed comps on some of the single family homes throughout Plainfield. Maybe prices will plateau sooner than later, because without giving them away, we’ll have to hit bottom somewhere above… well, free?
If you have to sell your home because you are behind in payments and are facing foreclosure, call me to confidentially discuss your options and learn if a short sale it the right answer for you.