The auction numbers for Chicago foreclosures from last week were down slightly, though that can mostly be attributed to the 4th of July taking Chicagoans away from work and out of the city. After the encouragingly high 106 properties sold to investors the last full week in June, the 70 sold last week seems like a letdown. However, if we consider that there were only 4 business days last week, the 70 properties sold continue the recent trend in high auction sales!
Cook County led the charge as usual last week, selling an impressive 63% of the total number of properties with 44 sold to investors. With Cook County’s large cut of the weekly sales, the remaining counties had a hard time competing. In fact, only Dupage and Will counties were able to sell more than 5 properties to investors, with 9 and 7 respectively, though Lake County did sell 5 properties even. McHenry County sold 2 properties, Kane sold 3 and Kendall didn’t sell any!
REO properties were also affected by the shortened work week, dropping from 429 bank-owned properties from June 23rd-27th, to the 302 bank-owned properties that last week produced.
Hopefully next week will be back up to the high numbers we’ve been seeing since the weather started heating up in mid-June.