Last Monday Chicago had its first snow of the season – unfortunately, it looks like more than the snow was falling last week. The number of Chicago foreclosure properties sold to investors from November 11-15th was just 66, down a significant 25 properties from the week previous. Though October saw some promising numbers, it seems that November is off to a rocky start.
However, last week also saw a decrease in bank owned (REO) properties. During the first full week of November, there were 587 properties owned by the bank and this past week there were only 444. This could mean one of two things: Either there are more properties selling to investors or there are less foreclosed properties available on the market in general. Mostly likely, the REO numbers are a delayed reaction to the relatively high number of properties sold to investors in October.
The number of properties in preforeclosure is always an interesting part of the Illinois foreclosure process and can be used as a predictor for future behavior in foreclosure listings in Chicago. During the first week of November, the number of Chicago properties in preforeclosure was 553, and last week that number jumped to 591. This could mean more bad news for Illinois foreclosures in the upcoming month. Keep checking the Illinois Foreclosure Listing Service to stay up-to-date on what’s happening in the exciting world of Chicago foreclosures.