2009 Foreclosure Data: Impact on 5 Counties in Illinois

County map

On Wednesday December 9 and Thursday December 10, 2009 I will be attending a Mortgage Foreclosure Conference in Chicago. This event is being sponsored by The Federal Reserve Bank of Chicago, The Chicago Community Trust, John D and Catherine T. MacArthur Foundation, Neighborhood Housing Services of Chicago, and the Woodstock Institute.

The conference event is titled ” Mortgage Foreclosure Policy: Past, Present, and Future”. The conference will discuss the evolution, current impact, and likely outcomes of foreclosure on homeowners, lenders, housing counselors, secondary mortgage market, and local governments.

As I prepare for this conference I decided to do a little review of the foreclosure market from a point of view as a realtor. I decided to do research on five counties ( Cook, Lake, McHenry, Dupage, Will, and Kane) in Illinois. I plan to bring along and discuss this data at the convention.

The information is deemed to be reliable and comes from both my local MLS and Record Information Services of Illinois.

Single Family Home Sales data from January 1, 2009 through December 3, 2009:

County Total Sales Total # Foreclosure Re-Sales Total # of Short Sales Distressed Sales expressed as % of Total Sales
Cook County 20,730 6,761 2,098 43%
Lake County 4,362 1,073 459 35%
McHenry County 2,023 451 307 37%
Dupage County 4,865 782 527 27%
Will County 4,409 1,170 529 39%
Kane County 2,973 671 414 36%

The table above shows foreclosures are dominating the Real Estate Market in terms of total sales. Foreclosures out number the number Short Sales in every county.

Single Family Foreclosure  from January 1, 2009 through December 3, 2009

County Total #of Foreclosures Total # Foreclosure Re-Sold Remaining # to be Sold
Cook County 12,553 6,761 5,792
Lake County 1,841 1,073 763
McHenry County 1,243 451 792
Dupage County 2,368 782 1,586
Will County 3,095 1,170 1925
Kane County 2,368 671 1,697

The table above is showing total number of foreclosures in each county and then subtracts the number of foreclosures put back on the market and re-sold to new buyers and the number of remaining foreclosures unsold to date. As the data suggests there are more foreclosures that are going to be coming onto the market for re-sale.

Single Family Pre-Foreclosures from January 1, 2009 through December 3, 2009

Cook County Total # of Pre-foreclosure Notices Total # Unsold Foreclosures Total # Potential Foreclosures 2010 Total# Home Sold in 2009
Cook County 23,629 5,792 29,421 20,730
Lake County 3,344 768 4,112 4,362
McHenry County 2,123 792 2,915 2,023
Dupage County 3,758 1,586 5,344 4,865
Will County 4,984 1,925 6,909 4,984
Kane County 4,008 1,697 5,705 2,973

The Table above shows the number of homes who have received some sort of Pre-foreclosure Notice.

Typically a homeowner has to be 90 days past due or delinquent on their mortgage to receive such Notice of Default (NOD).

While many of these homeowners may be trying to modify their mortgage with their lender and never go to foreclosure there are many homeowners unable to modify their mortgage because they are unemployed.

As the data suggests if these pre-foreclosures do become foreclosures and are added to the already unsold foreclosure on the market the combined total will exceed the total sales of single family homes for 2009.

As a realtor it is difficult to see how¬† the real estate market is going to keep pace with the number of foreclosures. There isn’t enough buyers out there to absorb the number of homes that could potentially come on the market in 2010.

Leave a Reply

Call Me Today
708-309-5334


Copyright © 2008 IL Real Estate Specialists     Log in     Design by Real Estate Tomato     Powered by Tomato Blogs
nu frontiers Admin Login