New Chicago Area Foreclosures Increase Slightly In October

By adminOn 11-18-2011
New Chicago Area Foreclosures Increase Slightly In October

New foreclosures filed in the Chicago area during October rose slightly compared with a month earlier but fell by nearly one third from a year ago. New foreclosure filings in the seven-county area tracked by ILFLS totaled 5,316 in October, compared with 5,161 in September and 7,989 in October 2010. Completed foreclosures — those selling at auction or reverting back to lenders — increased to 1,778 in October from 1,762 in September and 1,63 in October 2010. But the number reverting back to lenders after they did not sell at auction (Real Estate Owned, or REO) continued to represent the overwhelming majority of completed foreclosures.

This glut of REO properties, well over 90 percent of the completed foreclosures, means these properties remain on the market and will continue to adversely affect housing prices. There was slight improvement in the number of units sold at auction year-over-year, but the numbers are so small as to be almost inconsequential.

Overall, new REO properties increased 2.1 percent to 1,671 in October compared with 1,636 in September and increased 11.8 percent compared with 1,494 in October 2010. Properties sold at auction fell 15.1 percent to 107 in October compared with 128 in September but increased 55.1 percent from 69 in October 2010.

As expected, the number of new filings seems to be picking up compared with recent months now that the 'Robo-signing' controversy is ebbing. This trend is expected to continue over the next few months.

New Foreclosures

County

OCT-10

SEP-11

OCT-11

% Change
'OCT-10
to 'OCT-11

% Change
'SEP-11
to 'OCT-11

COOK

4907

3216

3308

-32.6%

2.9%

DUPAGE

668

449

475

-28.9%

5.8%

KANE

555

356

344

-38.0%

-3.4%

KENDALL

175

81

95

-45.7%

17.3%

LAKE

646

407

415

-35.8%

2.0%

MCHENRY

377

217

247

-34.5%

13.8%

WILL

661

435

432

-34.6%

-0.7%

 

 

 

 

 

 

Total

7989

5161

5316

-33.5%

3.0%


Sold to Investors at Auction

County

OCT-10

SEP-11

OCT-11

% Change
'OCT-10
to 'OCT-11

% Change
'SEP-11
to 'OCT-11

COOK

42

65

62

47.6%

-4.6%

DUPAGE

5

16

11

120.0%

-31.3%

KANE

8

18

12

50.0%

-33.3%

KENDALL

2

1

2

0.0%

100.0%

LAKE

5

11

10

100.0%

-9.1%

MCHENRY

3

2

3

0.0%

50.0%

WILL

4

13

7

75.0%

-46.2%

 

 

 

 

 

 

Total

69

126

107

55.1%

-15.1%


Real Estate Owned (REO — Did Not Sell at Auction / Reverted to Lender)

County

OCT-10

SEP-11

OCT-11

% Change
'OCT-10
to 'OCT-11

% Change
'SEP-11
to 'OCT-11

COOK

933

982

1099

17.8%

11.9%

DUPAGE

122

128

112

-8.2%

-12.5%

KANE

89

146

100

12.4%

-31.5%

KENDALL

37

31

23

-37.8%

-25.8%

LAKE

120

137

145

20.8%

5.8%

MCHENRY

65

76

69

6.2%

-9.2%

WILL

128

136

123

-3.9%

-9.6%

 

 

 

 

 

 

Total

1494

1636

1671

11.8%

2.1%


Total Completed Foreclosures (Sold to Investors + REO)

County

OCT-10

SEP-11

OCT-11

% Change
'OCT-10
to 'OCT-11

% Change
'SEP-11
to 'OCT-11

COOK

975

1047

1161

19.1%

10.9%

DUPAGE

127

144

123

-3.1%

-14.6%

KANE

97

164

112

15.5%

-31.7%

KENDALL

39

32

25

-35.9%

-21.9%

LAKE

125

148

155

24.0%

4.7%

MCHENRY

68

78

72

5.9%

-7.7%

WILL

132

149

130

-1.5%

-12.8%

 

 

 

 

 

 

Total

1563

1762

1778

13.8%

0.9%


% REO of Total Foreclosure Completions

County

OCT-10

SEP-11

OCT-11

COOK

95.7%

93.8%

94.7%

DUPAGE

96.1%

88.9%

91.1%

KANE

91.8%

89.0%

89.3%

KENDALL

94.9%

96.9%

92.0%

LAKE

96.0%

92.6%

93.5%

MCHENRY

95.6%

97.4%

95.8%

WILL

97.0%

91.3%

94.6%

 

 

 

 

Total

95.6%

92.8%

94.0%