Chicago,IL (PRWEB) February 23, 2008
Foreclosures in Chicago unexpectedly declined in December and the numbers remained down in January 2008 and the first part of February. Foreclosure filings had peaked in November of 2007 but have since declined 8.5 percent based on the latest numbers released by ilFLS.com, the Illinois Foreclosures Listing Service.
Chicago foreclosures reached a 5 year peak in November 2007 and with steady monthly gains in new filings since early 2006, a slow real estate market and a stagnant economy there was no reason to believe foreclosures wouldn't continue their upward march. However, quite unexpectedly, new foreclosure filings dropped in December stayed flat in January and overall are down 8.5 percent from that November Peak. Additionally, the February foreclosure numbers may be the lowest total in more than 6 months (see statistics below.)
The causes of the recent decline in foreclosures in Chicago are hard to pinpoint, but possible factors may include: the holiday court schedule delaying filings by attorneys, lenders working more diligently with homeowners to postpone foreclosures, or the gradual tightening of lending standards that began in late 2006 and early 2007 thus stemming the tide of 'bad' loans that were originated.
Regardless of the cause for the surprising drop in foreclosure numbers in Chicago, it still remains to be seen if it represents a trend which will continue throughout 2008, or is only the calm before the storm.
Chicago Foreclosure Statistics (New filings):
- November 2007: 1750
- December 2007: 1600
- January 2008: 1600
- February 2008: 1250 (projected)
Behind the Numbers: (December 07, January 08)
- 1 -- 60 percent of new foreclosures are on properties purchased in the past 2 years
- 2 -- 89 percent of new foreclosures in Chicago are on properties purchased in the past 4 years
- 3 -- December 2007 saw a 23 percent increase over December 2006; (December 2006 = 1300 foreclosures December 2007 = 1600 foreclosures)
- 4 -- Biggest Offender: Deutsche Bank accounted for 13 percent of the new foreclosure filings (by comparison Countrywide, the countries largest mortgage lender accounted for only 5 percent)
All foreclosure statistics provided by http://www.ilFLS.com, the Illinois Foreclosures Listing Service.
ilFLS.com, the Illinois foreclosures listing service, is a Chicago based provider of foreclosure, auction, REOs, and other marketing lists for investors. The data and statistics used by ilFLS.com comes directly from their data recorders in the Illinois counties who update the filings daily from the original documents.