New Chicago Area Foreclosures Sales Soared in November of 2011

By adminOn 12-17-2011
New Chicago Area Foreclosures Sales Soared in November of 2011

New foreclosures filed in the Chicago area during November rose slightly compared with a month earlier, according to figures compiled by the Illinois Foreclosure Listing Service (ILFLS). New foreclosure filings in the seven-county area tracked by ILFLS totaled 5,329 in November, compared with 5,316 in October and 6,026 in November 2010. Completed foreclosures — those selling at auction or reverting back to lenders — increased to 2,694 in November from 1,778 in October and 1,359 in November 2010, a huge 98.23 percent increase. There was also a substantial increase of 50.47 percent in the number of properties sold to investors in November compared to last month activity, and a 235.42 percent increase compared to 2010 year.

"As usual the majority of the activity was due to the REO properties — well over 94 percent of the completed foreclosures. On the other hand we saw a huge increase in the investor activity this month. This is a good indicator of the increased investor confidence. Hopefully this trend will continue," said Peter George, ILFLS CEO and Database Manager.

Overall, new REO properties increased 51.59 percent to 2,533 in November compared with 1,671 in October and increased 93.21 percent compared with 1,311 in November 2010. Properties sold at auction increased 50.47 percent to 161 in November compared with 107 in October.

“As expected, the number of new filings at the end of the year has increased in most of the Chicagoland area counties. In Cook County there was a small decline of 2.48 percent compared to October. The highest drop in new filings was in McHenry County - 17.81 percent decrease. “ - ILFLS chief database manager said. “We expect 2012 to be a very good year for the real estate investors.”

New Foreclosures
County Nov-2010 Oct-2011 Nov-2011 % Change from
'Nov-2010'
to 'Nov-2011'
% Change from
'Oct-2011'
to 'Nov-2011'
COOK 3861 3308 3226 -16.45% -2.48%
DUPAGE 510 475 416 -18.43% -12.42%
KANE 363 344 386 6.34% 12.21%
KENDALL 66 95 114 72.73% 20.00%
LAKE 488 415 457 -6.35% 10.12%
MCHENRY 250 247 203 -18.80% -17.81%
WILL 488 432 527 7.99% 21.99%
Total 6026 5316 5329 -11.57% 0.24%

Sold to Investors at Auction
County Nov-2010 Oct-2011 Nov-2011 % Change from
'Nov-2010'
to 'Nov-2011'
% Change from
'Oct-2011'
to 'Nov-2011'
COOK 32 62 110 243.75% 77.42%
DUPAGE 4 11 19 375.00% 72.73%
KANE 2 12 2 0.00% -83.33%
KENDALL 0 2 0 n/a -100.00%
LAKE 4 10 10 150.00% 0.00%
MCHENRY 2 3 4 100.00% 33.33%
WILL 4 7 16 300.00% 128.57%
Total 48 107 161 235.42% 50.47%

Real Estate Owned (REO — Did Not Sell at Auction / Reverted to Lender)
County Nov-2010 Oct-2011 Nov-2011 % Change from
'Nov-2010'
to 'Nov-2011'
% Change from
'Oct-2011'
to 'Nov-2011'
COOK 850 1099 1791 110.71% 62.97%
DUPAGE 133 112 153 15.04% 36.61%
KANE 21 100 89 323.81% -11.00%
KENDALL 26 23 37 42.31% 60.87%
LAKE 123 145 184 49.59% 26.90%
MCHENRY 71 69 84 18.31% 21.74%
WILL 87 123 195 124.14% 58.54%
Total 1311 1671 2533 93.21% 51.59%

Total Completed Foreclosures (Sold to Investors + REO)
County Nov-2010 Oct-2011 Nov-2011 % Change from
'Nov-2010'
to 'Nov-2011'
% Change from
'Oct-2011'
to 'Nov-2011'
COOK 882 1161 1901 115.53% 63.74%
DUPAGE 137 123 172 25.55% 39.84%
KANE 23 112 91 295.65% -18.75%
KENDALL 26 25 37 42.31% 48.00%
LAKE 127 155 194 52.76% 25.16%
MCHENRY 73 72 88 20.55% 22.22%
WILL 91 130 211 131.87% 62.31%
Total 1359 1778 2694 98.23% 51.52%

% REO of Total Foreclosure Completions
County Nov-2010 Oct-2011 Nov-2011
COOK 96.37% 94.66% 94.21%
DUPAGE 97.08% 91.06% 88.95%
KANE 91.30% 89.29% 97.80%
KENDALL 100.00% 92.00% 100.00%
LAKE 96.85% 93.55% 94.85%
MCHENRY 97.26% 95.83% 95.45%
WILL 95.60% 94.62% 92.42%
Total 96.47% 93.98% 94.02%