Cook County Illinois Foreclosures Rise 5.6% in November
ilFLS.com, the leader in Illinois foreclosure investing, released its November foreclosure statistics for seven counties and forecast for the upcoming months.
(PRWEB) December 13, 2005 -- The Illinois Foreclosure Listing Service, ilFLS.com, released its foreclosure statistics for November revealing some interesting trends in some Illinois counties. Cook, Will and McHenry all saw rising foreclosures in November, with McHenry experiencing a 65% increase over its October foreclosure filings. Conversely, Kane, Dupage and Lake County’s foreclosure rates declined, while Kendall County’s numbers remained stable.
The number of properties going to auction in Cook and McHenry rose 45% and 30% respectively with almost a third of those properties going back to the bank as REOs (real estate owned). Kane, Dupage, Lake, and Will all saw a decrease in the number of properties going to auction in November.
There are several trends in the overall real estate market which deserve attention as they may cause an increase in the total amount of foreclosure filings in the coming months:
1. The winter months are traditionally slower in terms of home sales, limiting options for homeowners in financial trouble looking to sell their homes.
2. Mortgage rates continue their upward trend with the Fed indicating future rate increases, meaning little relief for homeowners looking to refinance.
3. The growth in the past year of interest only and adjustable rate mortgages leading to financially overextended homeowners as principal and higher rates kick in and raise monthly payments.
Currently, there is a six month inventory of homes on the real estate market creating very much of a buyer’s market. These conditions in turn, greatly influence the foreclosure market, as homeowners, unable to sell their homes at market price or save money by refinancing, will be forced to sell their homes at a greater discount.
“The statistics and current real estate market suggest that there will be an increase in the overall inventory of foreclosed homes,” says T.J. McKinney, founder of ilFLS.com. “We foresee a strong market going forward for investors looking to acquire real estate below market value through foreclosures, auctions, and tax sales.”
About ilFLS.com:
ilFLS.com, the leader in Illinois Foreclosure Investing, is the most comprehensive source for foreclosure, auction, and REO listings, education and resources. They are currently offering downloads of the 2005 Cook County Scavenger Tax Sale List.
Visit them at http://www.ilFLS.com.
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