Chicago Area REOs are being turned in record numbers in2008, far surpassing the numbers of Chicagoland REO numbers of 2007.
As of October 22nd 2008, Chicagoland REOs, Cook,Dupage, Kane, Kendall, Lake, McHenry, Will and Winnebago Counties, have totaled over 21,400 properties. In comparison, in all of 2007 there were only 15,000 REO properties. The city of Chicago alone accounts for 8,600 of the REO total for 2008 compared to 6200 for all of 2007.
The high Chicago Area REO total can largely be attributed to the high numbers of Illinois foreclosures the past two years which find there way to auction and eventually back to the bank.
*Chicagoland REO statistics are compiled by ilFLS.com’s professional recorders who attend the Illinois judicial real estate auctions and record the auction results.