Chicagoland Illinois Foreclosure Statistics: August/September:
The Illinois Foreclosures Listing Services’ monthly Chicagoland area foreclosure statistics:
Posted: October 4, 2006
2006 has proven to be a tough year for Chicagoland homeowners as the total amount of foreclosures through
September are greater that the total foreclosures for all of 2005. There are several contributing factors
to the increase in foreclosures including an overall slowdown in the real estate market and the rise in the
previous two years of adjustable rate and interest only mortgages to under qualified overextended borrowers.
Overall Chicagoland Real Estate Market Slowdown
The Chicagoland market has experienced a significant slowdown from the same period in 2005 as evidenced by
the Chicago Association or Realtor statistics of housing inventory and actual sales for the past week.
What is shown in the above statistics is an increase in the overall listings on the market and a significant
decrease in the amount of ‘closings’ or sales as compared to the same period last year. More supply and lower
demand for homes should equal a price correction in the real estate market; whether that means falling prices or
lower rates of appreciation, that remains to be seen.
What this means for foreclosure investors
The combination of record foreclosure levels and a significant inventory of homes in the Chicagoland real estate
market have created a dream ‘buyers’ market. Buyers can now avoid the over exuberant pricing of the past two years
and get some great deals as many overextended homeowners are finding the only option for selling their home is to
accept offers below the ‘market value’. And for homeowners in foreclosure who are facing looming auction dates,
the options are even more limited.
The timing is perfect for investors to capitalize on the booming foreclosure
market but you have to know how. ilFLS.com is offering
foreclosure seminars to educate real estate investors
on how to profit from the opportunities that exist in the current market. ilFLS.com offers
one day intensive courses
as well as the monthly
‘Kickstart your Foreclosure Investing’ seminars.
*Articles in the ilFLS.com news section may be quoted or used in their entirety but must be accompanied by the following text: “Courtesy of ilFLS.com, Illinois leading source for foreclosure data and the first choice for Chicagoland real estate investors.” Media inquiries should go to contact@ilFLS.com
