Welcome to the DK Home Team
Current foreclosure trends for December 2010
While Sales of Foreclosed properties appear to be down, the figures are misleading.
Many properties have been held off the market during the foreclosure freeze the past several months.
In fact, while we are still seeing the numbers down almost across the board, the properties actually hitting the market has all but stopped.
Where are these properties? When will the banks start releasing them? Why haven’t they released them? What effect will it have on the market once released?
Once these questions are answered, we can get a true picture of the future of the housing market.
Until then, we have to base everything on what current data is available.
One in every 376 housing units in Illinois has received a foreclosure filing in December 2010 according to RealtyTrac. This is down from 1 in every 311 in October.
The foreclosure activity in the Chicagoland area shows Cook county number one with 8117 in new foreclosure activity in December.
New foreclosure activity as defined by RealtyTrac is the total number of properties that received a foreclosure filing, default notice, foreclosure auction notice or bank repossession in the most recent month.
Top 5 foreclosure activity counties in Illinois for December
1. Cook 8117
2. Lake 883
3. Will 1041
4. Du Page 1099
5. Kane 624
Basically 65% are in pre-foreclosure, 15% public auction, 20% bank owned.
Foreclosure activity in December for the United States as reported by RealtyTrac shows Illinois still #4 from the last report in October.
1. California 65915
2. Florida 25641
3. Michigan 16061
4. Illinois 14042
5. Arizona 13561
6. Nevada 13472
7. Texas 11,162
8. Georgia 11,042
9. Ohio 13,233
10. Colorado 5123
Some other interesting figures are the average sales price by the top 5 counties in Illinois:
1. Cook- Avg Sales Price $264,197 Avg Foreclosure Sales Price $145.064 45.10% Savings
2. Lake- Avg Sales Price $306,108. Avg Foreclosure Sales Price $184.670. 39.68% Savings
3. Will- No Data Available
4. Du Page- Avg Sales Price $285,661 Avg Foreclosure Sales Price $190.074 33.47% Savings
5. Kane- Avg Sales Price $230,236 Avg Foreclosure Sales Price $111,237 51.69% Savings
With all of this data, the big question still looms out there. Where are the properties in these statistics? They certainly are not coming into inventory or being listed for sale.
I welcome your feedback and would like to know of other topics you may want to discuss regarding foreclosures, short sales, and REO (bank owned) properties.
