Real estate brokers reported that a big percentage of residential properties for sale in Chicago, Illinois, in 2010 was foreclosures. This is because supplies of foreclosed properties escalated in the city last year, with total numbers recording a significant jump when compared with 2009 levels.
Foreclosure auctions in Chicago offered more properties last year, with foreclosed residential properties recording a 20% increase compared with 2009 figures. Over 45,000 properties were under some form of foreclosure last year. According to housing market analysts, government-supported efforts to stop foreclosures and a fourth quarter decline in activities failed to bring full-year totals to a lower level than 2009.
Although the number of properties offered at Illinois foreclosure auctions declined in the fourth quarter of 2010 compared with the same 2009 quarter, full year figures still hover near record levels. A total of 45,555 residential properties was taken back by banks in 2010 in the area running from the border of Wisconsin to the northwest Indiana region. Initial default notices issued by mortgage service firms reached a total of over 83,000 in the region last year.
According to real estate brokers and housing analysts, foreclosure figures will continue to rise in 2011 as more homeowners receive notices of default. Foreclosure activities have reportedly picked up again in Illinois as shown by the considerable number of households receiving notices during the last month of 2010. In December of last year, more than 9,000 households received notices of default in the state.
These properties will soon end up in foreclosed home auctions unless owners and lenders escalate their efforts to find alternative ways to foreclosures. Last year, the Chicago metro area recorded some of the highest numbers of foreclosure-related filings in the state, with Cook County posting over 80,600 filings. DuPage, on the other hand, had 10,646 households receiving a filing, while Kane had more than 9,000. Both Lake and Will recorded a little over 11,000 filings while Kendall has one of the lowest totals at more than 2,600.
Majority of real estate brokers are predicting that 2011 will be the peak period for the foreclosure crisis in Illinois. However, they did claim that if the job market achieved a significant recovery during the year, the housing market will follow suit.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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