Time is of the Essence
September 24th, 2009 categories: Market Data
During the past six (6) months we continue to see high volume of foreclosures in all five (5) counties.
What appears to be shifting is the number of foreclosure sales versus the number of short sales.
The reason for the increase in foreclosures can be explained in different ways.
One would expect the number of foreclosures to increase when the State Moratorium on Foreclosures was lifted.
Another reason is buyers in general are not willing to wait for a Short Sale to be approved by a bank and are looking to get the best price and are opting to purchase Bank Owned properties.
| County | # of Sales | # of Short Sales | # of Bank Foreclosures | % Short Sales | % Bank Owned |
| Cook | 12,297 | 966 | 4,431 | 8% | 36% |
| Lake | 2,655 | 234 | 706 | 9% | 27% |
| McHenry | 1177 | 160 | 270 | 14% | 23 |
| Dupage | 2,972 | 274 | 505 | 09% | 17 |
| Will | 2563 | 254 | 758 | 10% | 30 |
