ilFLS.com: Illinois Foreclosures Off to Blistering Pace in 1st Quarter of 2006

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ilFLS.com, the leading provider of Illinois foreclosure data for real estate investors, breaks down the foreclosure trends for Cook, Dupage, Kane, Kendall, Lake, McHenry, and Will.

Foreclosures in Illinois continued to grow at a rapid pace in Cook County and the ‘collar’ counties of Dupage, Kane, Kendall, Lake, McHenry, and Will and have become an emerging market for real estate investment dollars.

Almost 7000 mortgage foreclosures were entered in the aforementioned Illinois counties in the first three months of 2006.

Cook County, Illinois most populous county, accounted for more than half of the defaults entered with a total of 4400 foreclosures. Chicago foreclosures total 2300 through the first quarter making it responsible for a full 1/3 of the total mortgage foreclosures filed in the seven collar counties.

Will County, one of the fastest growing counties in Illinois, had the second most mortgage defaults in the first quarter of 2006, accounting for almost 800 foreclosures. Accordingly, the sheriff sales have seen a marked increase in attendance and bidding on properties gone to auction.

“2006 has started out very strong for Illinois foreclosures and auctions,” says TJ McKinney, founder of ilFLS.com. “ We are expecting vigorous growth for new foreclosures and properties going to auction in Illinois. Clearly, interest-only and adjustable rate hybrid mortgages will exert upward pressure on the number of mortgage foreclosures we will see in 2006. For ilFLS.com, we have seen a marked increase in interest in investing in foreclosures and acquiring properties at real estate auctions as well as subscribers to our service.”

As interest rates continue to climb, and the housing market is cooling, look for Illinois real estate investors to turn their attention to emerging, long ignored real estate markets such as foreclosures, auctions and REOs.

See attached pdf for statistics in the counties mentioned above or visit http://www.ilFLS.com to learn more.

About ilFLS.com:

ilFLS.com, the Illinois Foreclosure Listing Service, is the leader in Illinois foreclosure investing, and the most dynamic site for real estate investors. ilFLS.com provides accurate, up to date foreclosures, auctions, REOs, auction results, and tax lien listings taken directly from the counties. Investors, real estate and mortgage professionals, lawyers, and homebuyers all benefit from the ilFLS.com. ilFLS.com recently added popular foreclosure investment seminars, real estate forum, and title searches to its services.

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Tj Mckinney