The Great Indoors

By adminOn 10-07-2013

This past week, September 23rd-September 27th has cemented September as a great month in Chicago foreclosure trends.  As you may recall, September started strong, selling 98 properties to investors in the first week, but quickly suffered a loss, selling only 80 in the second week of the month.  Now, as we draw closer to the end, the Illinois Foreclosure Listing Service is reporting higher number than have been seen all summer.  Fall is here and, as the weather turns cold and the leaves start to fall, more and more people are turning indoors and thinking about their homes.  It seems that the dropping temperatures are creating more movement in the Chicago foreclosure world than we've seen throughout most of the year.  Last week, the numbers jumped again, from the 107 properties sold to investors the third week of September to the 110 sold last week.

Will County is responsible in part for the good numbers yet again.  Its average has increased steadily since the end of July and now we’re seeing a regular tally of 15-20 properties sold to investors each week.  This week, Will County contributed 16 properties to the overall total of 110, and with some help from Dupage and Kane Counties, each of which sold almost 15 properties to investors, the steady overall growth for the Chicago foreclosure market is explained. 

What we've seen in the last few months is a better distribution of properties selling across all of the counties, as opposed to just one or two performing well.  This will provide more opportunity for investors as they will have a wider range of areas around the city to choose from, as well as offering locations that may be more encouraging for new investors.  As fall has people thinking about the great indoors, keep an eye out for a more varied sampling of what the Illinois real estate foreclosure market has to offer.