Halloween has the potential to be a great time for real estate. For the kids, it’s a treat to be in costume and getting candy, but for the parents, the real treat could be looking at what’s available for Illinois real estate – foreclosures, or otherwise. Especially since the Chicago foreclosure market has rebounded after the previous week’s apathetic performance.
The week of October 14th was first time over the last few months that Illinois foreclosures in Chicago have dropped by a significant amount, so it’s nice to see the number of sold properties on the rise again. The foreclosures sold to investors last week jumped by 13, putting that number back to a healthy 99.
Bank owned properties, or REO properties, suffered this week. During the week of October 14th, there were 639 Chicagoland bank owned properties and last week that number fell to 585. The loss of new REO properties last week could be correlated with the number of properties sold to investors, because as more properties sell to third party investors fewer properties revert back to banks or lenders. So, although it appears that the numbers are dropping, it could actually be a good thing for the Chicago foreclosure market.
Last week Illinois foreclosures may have seemed on the brink of death, but like a zombie from the grave, it’s up and running again. So, while your own little zombies go door to door looking for candy, keep an eye out for styles or neighborhoods you like and file that info away for exploring Chicago foreclosure listings later.