2009 Foreclosure Data: Impact on 5 Counties in Illinois
December 5th, 2009 categories: Ask the "Specialist", Market Data
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.
