Preforeclosures and the Polar Vortex

Published On 2014-02-03
Preforeclosures and the Polar Vortex
Chicago foreclosures for the final week of January saw some interesting trends.  During the week of Jan 20th-24th, 75 properties were sold to investors in the Chicagoland area and last week there were 71 properties sold to investors.  These numbers are about average for the time of year it is, especially when the polar vortex from last week is taken into account!
One county did better than all the rest last week, and that county was Cook.  The city proper saw 39 properties sell to investors which was a slight increase from last week's number of 36 properties.  The rest of the numbers were made up almost completely by Will and Lake Counties.  Will County sold 13 properties at the auctions while Lake sold 9 properties.  This was an impressive jump for Will County, which saw only 3 properties sell during the third week of January.  Will County had some great months last year, so hopefully we'll see more consistency from it during 2014.
Another area of foreclosures that is often overlooked is the preforeclosure market.  Although these properties are not up for sale at the auctions yet, they can be an indication of what will be falling into foreclosure over the next few months. In the week before last there were 624 preforeclosure properties across the 7 county area and last week there were only 489, most of which are centered in Cook County.  The fact that preforeclosures are dropping could be positive in the long run because it most likely means that people were able to pay their mortgages and remain in their homes.
To learn more about the different stages of foreclosure process, explore the Resources section of our site!