Chicago, IL (PRWEB) September 18, 2012
According to stats compiled by ILFLS.com, the Illinois Foreclosure Listing Service,
there has been a decreasing trend Chicago land foreclosures with a
14.60% decrease in total foreclosures from July to August. Decreasing
numbers were compiled ranging from -4.58 to a -20.67% decrease in
foreclosure filings for August 2012 in the following five counties:
Cook, Kane, McHenry, Kendall, and DuPage. According to the data,
property foreclosures have decreased overall in the Chicago area
compared to the previous month, July 2012. There is an increase,
however, compared to last year, August 2011.
In August, only two of the seven Chicago land counties showed an
increase in foreclosure activity compared to July 2012. The total number
of home foreclosure filings
for the seven counties for July 2012 was 7,486. The total for August,
however, was only 6,393. This is an overall decrease of a little over
-14% compared to last month. The largest decreases from July to August
were seen in Cook, Kane, and Kendall counties. The largest decrease was
seen in Cook county going from 4,911 foreclosure filings in July and
decreasing over -20% to 3,896 in August. Kane County also decreased
significantly, -18.31%, going from 486 in July to 397 in August. In
Kendall County, foreclosure filings fell from 155 in July to 136 in
August accounting for over an -12% decrease in filings.
The two counties with increases in the number of foreclosures filed from July to August were in Lake county and Will county.
Will county had an increase going from 506 foreclosures in July and
increased over 13% to 697 filings in August. There was also a slight
increase in Lake county had the second from 485 foreclosures in July and
jumped to 576 nearly a 5% increase. Furthermore, foreclosure filings
for August 2012 have actually increased from last year when in August
2011 foreclosure filings were at only 6,139. Comparing August 2011 to
August 2012, there was a slight increase of 4.13% in foreclosure
activity in August of this year with 6,393 total foreclosures.
Despite the Chicago land overall decrease from July to August,
Illinois has ranked the nations highest number of foreclosures in any
state. It has been calculated that, in Chicago land, foreclosed homes
bring down the value of neighboring houses an average of $7,000. Over
the past year, banks have been increasingly held accountable for vacant
homes due to foreclosures in the Chicago area. With this, the city is
allowed to issue fines to the banks if properties are not kept up
properly including the following: boarding up entrances, responding to
complaints pertaining to the property, landscape upkeep, and keeping the
proper areas free of snow during the winter months.