Certified Forensic Loan Auditors, LLC

 
  Upcoming Classes

Search CFLA's Article Archive:

Chicago Foreclosures - October 2013 Monthly Statistics

prweb.com | November 27, 2013

The latest numbers compiled by the Illinois Foreclosure Listing Service (ILFLS.com) indicate that the intriguing and contradictory trends seen this summer have continued into the fall. For October 2013, the battling number of ingoing and outgoing foreclosure properties seems to have found a healthier balance than in September 2013.

October 2013 saw a 14.42 percent increase in new foreclosures entering the Chicago market, while sales at the auctions increased by 18.93 percent from September’s numbers. Once again, the Chicagoland area is conflicted. The latest numbers, compiled by the Illinois Foreclosure Listing Service (ILFLS.com), indicate that the intriguing and contradictory trends seen this summer have continued into the fall. This month, the battling number of ingoing and outgoing foreclosure properties seems to have found a healthier balance than in September 2013.

After seeing little change from August to September of this year, the Chicago foreclosure landscape has become more colorful, especially when it comes to the auctions. With just a 1.98 percent increase last month, this month’s almost 20 percent improvement allows for better insight into what is happening in the area. Some of the smaller counties stepped up in October and showed huge variation. Will County jumped by 46.63 percent, Lake County gained 53.66 percent and McHenry, a small county to the northwest of Chicago, saw a 66.67 percent increase. These efforts by the surrounding counties helped to offset losses in Kendall and Kane counties.

Though more sales at the auctions are a good thing, there are still a lot of new properties falling into foreclosure this month. The overall increase of 14.42 percent across the seven Chicagoland counties (Kane, Kendall, Cook, Dupage, McHenry, Will, and Lake) is another area in which October 2013 proved to hold more drastic changes than the month before. From August to September of this year, there was a mere 3.62 percent increase and, though small, this number was still enough to overtake the even more minimal number of properties sold at auction in September. In October, every county increased by over 10 percent, with the exception of Kendall County which had no change at all. The increase of new foreclosures isn’t a good sign for Chicago. Most years, both the number of new foreclosures and the number of sold properties at the auctions decrease together as winter approaches, but this year is proving to me an anomaly to that trend.

The number of REO properties (or properties that did not sell at auction and reverted to a lender) for October also increased. Kane County decreased by 21.50 percent, but every other county increased, making the overall change a positive 19.11 percent for the month. Interestingly enough, Lake County was a leader in this category as well, because it increased by 49.49 percent from September to October.

October 2013 marks one of the first times that the year-over-year measuring stick has been less than positive. Though the number of new foreclosures has dropped by 30.72 percent since October 2012, the number of properties sold to investors has actually dropped by 1.41 percent since last year. Overall, it chalks up to a success because there are fewer foreclosures in general, but the low sales numbers could become a problem as Chicago enters the cold winter months of 2013.

 

Back to November 2013 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

SEE BELOW- http://www.certifiedforensicloanauditors.com

Call us toll free at 888-758-2352

Bookmark and Share
spacer
Facebook Like us on Facebook
Twitter Follow us on Twitter
YouTube View our YouTube Videos
LinkedIn Connect to us on Linkedin
 
BBB Logo

 

spacer
Contact us or view our Sample Documents & Audits by completing the form below.

  • Reload
  • Should be Empty:




 

DVD Sets Only $99

 

FREE Mortgage Fraud Analysis

 

Order Cutting-Edge Services Now

 

Quiet Title Packages from Licensed Attorneys

 

Affiliate Services

 

CFLA Sponsored Attorney Links

 

Take-Home Education Package