Foreclosure Frenzy Freezes

By adminOn 10-25-2013
Foreclosure Frenzy Freezes

Well, it seems as though the foreclosure frenzy has finally calmed down.  The ever-growing number of Chicago foreclosures sold to investors reached its culmination during the first week of October, but now that we are firmly into the fall months, it looks like the market is returning to a more regular schedule.  Unfortunately, that means that the overall number of foreclosures sold to investors for this week dropped by 25, from 111 the week before to just 86 last week.  

On a positive note, it looks like Cook County was able to maintain its number of sales last week, actually selling one more property than the week of Oct. 7-11th.  Still, the small gains for Cook County weren’t enough to offset the loss of new sales to investors in almost every other county.  Dupage County, for example sold ten less properties this past week than it did the week of the 7th.  Only 6 properties moved in Dupage, which is unusually stagnant for the 2nd largest county in the Chicagoland area

Other counties, like McHenry, Kane and Kendall typically have lower numbers, but were even more lackluster than usual last week.  In fact, Kendall and McHenry counties only sold one home each!  It will be interesting to see whether or not this week was a fluke or a prediction of what we can expect the rest of this fall.  If the market continues to slow down, it may be a good time for new investors to throw their hats into the ring, so keep monitoring the Illinois Foreclosure Listing Service website for new properties available in your area .