Chicago, Illinois (PRWEB) June 05, 2014
In statistics compiled by the Illinois Foreclosure Listing Service, April 2014 showed some simultaneously encouraging and discouraging patterns for the Chicagoland area. One area that had improvement was the auction activity, which increased by 0.85 percent from March. After a very slight dip from February to March 2014 of 0.56 percent, Chicago foreclosures were able to recover that ground in April. The lack of change in properties being sold to investors is actually a good thing, because it indicates a more stable market than last spring, where there were constant, large fluctuations.
The bad news is that there was an increase in new properties falling into foreclosure in April. In fact, there was a 6.38 percent increase from March’s numbers, which equates to a little over one hundred more new properties in foreclosure than the month previous. However, when compared to the statistics from April 2013, Chicago is still doing well, having decreased their new foreclosures by 40.39 percent on the annual measuring stick. The same cannot be said for the auction numbers, though. Last April was a shockingly high-selling month for the Chicagoland area, so when comparing this April to last April, there are 26.54 percent less sales this year.
As for the specific counties, a few did really well in April, including Dupage and Lake Counties, which each posted positive numbers for auction sales. Dupage County increased its auction numbers by 34.38 percent when compared to March’s numbers, but also saw an increase of 12.28 percent in new foreclosures coming into the market. So, although the auction numbers were high, they are somewhat diminished by the increase of new foreclosures. It was all good news for Lake County, though, which was able to drop the number of new foreclosures from March to April by 8.13 percent while having their auction activity pick up considerably. In April, Lake County sold an extremely impressive 72 percent more properties to investors than in March. Cook County appears to be having a slow start to the Spring season this year, with more foreclosures on the market in April (10.15 percent increase) and less sales at the auction (8.99 percent decrease). Even when looking at the year-over-year numbers, the city-proper isn’t doing so well. Although the number of new foreclosures, when compared to April 2013 have decreased by 40.16 percent, the number of properties sold in April 2013 beat this year’s statistics by a long shot. Last April there were 228 properties sold to investors, while this year Cook County sold only 172 properties to investors.
The number of properties that reverted to their lenders in April also decreased. REO’s in Chicago dropped by 6.31 percent across the 7 counties (Cook, Dupage, Lake, Will, Kane, Kendal and McHenry), which is not necessarily bad news. Although an increase in REO properties can help resolve more foreclosures throughout the city, they may also be a reflection of poor auction sales. With the steady auction sales posted over the past three months, the decrease in REO properties could be a good thing.
Although overall statistics for the Chicagoland area were not very encouraging for April, there were some bright spots in counties like Dupage and Lake, which were able to show progress despite losses in surrounding areas.