Chicago Land Foreclosure Trends for 2011 based on 2010 statistics

Published On 2011-03-16
Chicago Land Foreclosure Trends for 2011 based on 2010 statistics

As predicted by in the beginning of 2010, there was a steady increase during the whole year, with some slowdown in numbers in September and October, due to the moratorium on new filings. The annual average % of increase was 4.81% per year for Cook County and 17.05% for the rest of Chicago land.

The highest increase was seen in McHenry County (29.76%) followed by Kendall County (22.17%) and Will County (20.16%). Last year Kane County was increased to 13.18%. The most affluent county, DuPage, has slowed down to 13.94% compared to the 2009 increase of 24.84%.

In 2010, there were total of 89,302 new foreclosure filings in the Chicago land area.

What do these numbers say?

Less foreclosure increases may mean that a more stable RE Market is expected, but we should also consider that hardly 10% of all foreclosures being filed are for mortgages from 2009 and 2010. Most of the properties currently in foreclosure are the ones purchased or refinanced in the 2007-2008 period. This tendency will continue throughout 2011 as well.

Cook County is behind on new foreclosure filings. As of right now, there are a lot of cases being refiled from previous years which may additionally increase the number of new filings. Everything seems under control in the rest of the counties - the ones the furthest west of Chicago being hurt the most: Kendall, McHenry & Will County.

It's also interesting to consider the number of REO's and properties sold to investors during the 5 year period from 2006 to 2010.

In 2009 there was a decline in the REO's for Cook County (-12.72%) which was compensated in 2010 with 29.87% increase. In the surrounding 6-County area there was steady 23.03% increase in 2010 vs. 18.98% for 2009. There were total of 31,283 REOs in 2010.

Last year we saw an interesting change in the investor perception at the auctions. Cook County saw a 107.52% increase in the properties bought by investors. At the same time, DuPage county shortened with negative 17.43%. In 2010, there were total of 1,526 properties sold at the auctions.



Chicago land foreclosures bought by investors in 2010 Chicago land REO's for 2010 New foreclosure filings in Cook County Illinois in 2010 New foreclosure filings in Chicago land area for the 6 counties apart from Cook County in 2010 New foreclosure filings in Chicago land area in 2010