REO's. No Speedwagons

Published On 2014-05-25
REO's. No Speedwagons

As we inch closer to June, the numbers continue to slowly drop.  After experiencing an over 20 property loss during the second week of May, it was surprising to see the numbers drop again last week, from 83 properties sold at auction to 78 from May 19th-May 23rd. 

Once again, Cook County had more than its fair share of properties sell, with 38 going to investors last week.   Lake County was also able to break double digits with 11 properties sold to investors, while both Dupage and Will Counties sold just under the double digit mark with 9 properties selling at auction in each county.

Kane County, which typically sells between 1-5 properties over a 5-day span, experienced a nice little bump this week, hitting 8 properties sold to investors.   It actually marked the highest number of properties sold at auction for the county all month which could be an indicator that Kane County is picking up for the summer months.  It’s definitely an area to watch.

Bank owned, or REO properties, also fluctuated a bit last week.  From May 12th-16th, there were 489 REO properties throughout the 7 Chicagoland counties, but that number dropped to 438 properties last week.  This means that fewer properties last week reverted to the lender than the week before.  The number of REO properties is usually affected by how many properties sell at auction; the more properties sell, the less become REO properties.  This week’s drop could be due to the high auction week Chicago and its surrounding areas saw the second week of May.