Foreclosures Moves in Suburban Chicago Land from December 2009 till 2nd Quarter of 2012

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Foreclosures in Chicago Land have been the subject of attention for the past few years owing to their utmost importance and therefore, they have been studied by way of statistics compiled over a period of time. Based on numbers released by ILFLS.com, here we take a look at their varying values for the period between and including December 2009 to June 2012.

As compared to December of 2009, the net rate of foreclosures in counties of DuPage, Kane, Kendall, Lake, McHenry and Will zigzagged a lot, from top to bottom and then on top again. All in all, the rates have quite close figures for December 2009 as they have for June 2012 after all the ups and downs that they have undergone over the time period.

However, if you compare the statistics for each month or for select quarters for each county, you will see a different picture emerge out of the statistics.

Starting from May-2012, the rate of foreclosures in the suburban Chicagoland that includes counties of DuPage, Kane, Kendall, Lake, McHenry and Will has shot off as all of them experienced an increase in the rate of foreclosures. This may be due to a number of reasons especially the fact that unemployment fueled by a global recession caused hundreds of individuals to falter on their regular payments. The foreclosures have seen an unhindered upward trend in all counties starting May-2012 and have yet to experience a downfall according to data compiled by ILFLS.com, the Illinois Foreclosure Listing Service.

In the period Jun-2011 to Dec-2011, the rate of foreclosures for all counties fluctuated at varying rates except for Kendall for which the rate of foreclosures varied only slightly over the six month period. The foreclosure rate reached the lowest for Kendall in November of 2010 at 66 foreclosures and it was also the lowest for any of the six states. For Kendall, the rate of foreclosures has been more or less flat after Feb of 2012 due to unexplained reasons.

Will had the highest rate of fluctuations overall reaching a peak in August of 2010 and attaining a value of 896 foreclosures, the highest value reached by any county in the period Dec-09 to Jun-12. It currently stands at 671 as of June 2012.

Towards the start of December 2009, the Kane county had a rate of foreclosure of 504 which decreased up to February 2009 to 434 before sharply increasing to around 591 foreclosures in March 2009 and then decreasing again to 487 foreclosures in May 2009. The foreclosure rate for Kane reached its lowest ebb in January of 2011 when it reached a figure of around 299 foreclosures. This is the lowest rate it reached in the period December 2009 through June 2012 as it quickly increased after wards and stands at 460 foreclosures in June 2012.

McHenry had a rate of foreclosures of around 297 in the start of December 2009 and it increased to around 365 in March of the same year. McHenry peaked in the rate of its foreclosures in September 2010, at 377 foreclosures. It stands to increase from its rate of 336 foreclosures in June of 2012.

DuPage started with 622 foreclosures in December 2009 and immediately decreased to 519 foreclosures in Jan 2010 and then again to 492 in Feb 2010 before it experienced an increase of up to 727 foreclosures in March of 2010 and then decreasing up till 607 in April 2010 and since then, the it went through a lot of fluctuations to stand at 619 in June 2012 and is expected to increase from thereon.

Lake had 637 foreclosures in December 2009, 535 in January 2010 and 531 in February of the same year. The highest peak was reached in March 2010 of 714 foreclosures and since then, it fluctuated to reach a lowest point in September 2011 of 407 foreclosures after which it increased to 415 in October 2011 and then to 457 in November of the same year. After the lowest point in Sep-2011, another low came in December 2011 when it had 410 foreclosures and continued until Jan 2011 when it had 413 foreclosures. After that, it increased to 546 in Feb 2011 and in June-2012, after more fluctuations, it finished at 618 foreclosures.

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The Illinois Foreclosure Listing Service (ILFLS.com) is a Chicago-based subscription service that provides up-to-date data on foreclosure filings and related activities throughout the Chicago area, including Cook, DuPage, Lake, Will, McHenry, Kane and Kendall Counties. ILFLS recorders are assigned to every courthouse in the coverage area, which they visit daily to collect the latest data. ILFLS provides a searchable database and a broad array of productivity tools, all designed by and intended primarily for real estate professionals.

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Peter Georgiev
W3 LLC
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