Foreclosures Continue to Dominate 2010 Real Estate Market.
March 22nd, 2010 categories: For Buyers
| County | Total Sales | Total # Foreclosure Re-Sales | Total # of Short Sales | Distressed Sales expressed as % of Total Sales |
| Cook County | ||||
| 2009 | 3559 | 742 | 762 | 42% |
| 2010 | 1941 | 942 | 106 | 54% |
| Lake County | ||||
| 2009 | 707 | 119 | 151 | 38% |
| 2010 | 385 | 160 | 22 | 47% |
| McHenry | ||||
| 2009 | 340 | 51 | 89 | 41% |
| 2010 | 193 | 81 | 11 | 48% |
| Dupage County | ||||
| 2009 | 712 | 87 | 147 | 33% |
| 2010 | 447 | 98 | 34 | 30% |
| Will County | ||||
| 2009 | 776 | 162 | 176 | 44% |
| 2010 | 363 | 152 | 28 | 50% |
Summary of Data:
Foreclosures continue to dominate the Real Estate Market in 2010. While there appears to be fewer sales in the first quarter of 2010 when compared to 2009, foreclosures still seem to be the preferred choice for new buyers.
Many first time buyers are avoiding Short Sale because it takes too long to close. As a result more homes are going into foreclosure and being sold as an Real Estate Owned (REO).
Short Sales and REO properties represent nearly 50% of all total sales during the first quarter of 2010.
