The number of foreclosed residential properties, ranging from Handyman Special homes to single family dwellings to duplex houses, has increased in the area of Rockford, Illinois, particularly at Winnebago County.
Foreclosed homes for sale in Rockford, IL for 2010 are said to be near to breaking previous records. Winnebago County is one area in the city that accounts for a big percentage of these homes, with foreclosure filings in the county expected to topple previous highs if the filings report from the county’s Circuit Clerk’s office is to be used as basis.
Based on latest statistics, a big percentage of foreclosed homes in Illinois are accounted for by foreclosures in Winnebago which total 1,123 from the start of the year to May. The county posted a record number of foreclosure filings in 2009 at 2,199. So far, the number for the current year looks like it is on its way to breaking previous year’s numbers. The month of March showed record filings in the county which went over 300 homes.
Handyman Special homes, single family dwellings, multifamily houses and other types of residential properties are being offered on the market at record pace in 2010, with foreclosure filings at record levels for four consecutive months starting February. Numbers in 2009 were somewhat held back by a foreclosure moratorium, but even if the moratorium was not implemented; analysts still expect current year’s numbers to break 2009 records.
Housing market reports have also pointed out that the high volume of real estate foreclosure homes in the area is weighing down on residential property values. The Rockford Area Association of Realtors has reported that the selling price of houses for a three-month period that ended in May was at $115,396. May 2002 was the last time prices were lower than current averages.
Housing market observers have stated that the record number of Handyman Special homes, single family dwellings and other foreclosed residential properties being sold in the Rockford market creates opportunities to buyers but also causes some concerns for the general real estate industry.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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