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ilFLS.com: Red Hot Illinois Foreclosure Market Becomes Growing Profit Source for Real Estate
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Added: 01/26/2006
Type: Summary
Viewed: 656 time(s)
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ilFLS.com: Red Hot Illinois Foreclosure Market Becomes Growing Profit Source for Real Estate Invest
ilFLS.com, the Illinois Foreclosure Listing Service released detailed statistics showing the trends in the dynamic real estate foreclosure market.(See attached graphs and tables.)
Once again, Cook County, Illinois most populous county, was also the leader in the total number of defaulted mortgages in 2005, with the city of Chicago with the most foreclosures.
"Cook County, do to its size, was by far the hottest area to invest in foreclosures in 2005," says TJ McKinney, founder of ilFLS.com."However, we have seen growing activity in the six 'collar' counties of Will, Dupage, McHenry, Lake, Kane, and Kendall and foresee great opportunities in 2006."
Chicago produced a total of almost 7,000 foreclosures in 2005, by far the most of any city in Illinois, with zip codes 60628,60620,60636, and 60617 having the most.
Will County in 2005 had two cities in the top ten in overall foreclosures in Joliet, and Bolingbrook. The two cities accounted for around 560 total foreclosures, approximately one quarter of the county's total for the year. Will County continues to be a strong second in overall foreclosures, and an extremely active bidding market at the auctions.
Other 'collar' counties tend to have one dominant city that accounts for a disproportionate amount of the total mortgage defaults in the county with the rest spread out over many smaller towns. In Kane county, Aurora accounts for almost one third of the total 1200+ mortgage defaults and is second overall in Illinois only to Chicago. Waukegan represents a significant percentage of the foreclosures in Lake County and has the eighth highest total in Illinois.
Dupage, Kendall and McHenry all have an even distribution of foreclosures spread among their more populous cities with no city being the dominant producer in those counties.
"Currently, the Illinois real estate market is experiencing a buyers market, with longer market times and a growing supply of homes on the market along with weakening demand," says TJ McKinney. "For homeowners facing foreclosure in 2006 this makes it harder to sell the property in default in a reasonable amount of time, and more opportunities for investors looking to buy."
About ilFLS.com: In 2005, ilFLS.com, the Illinois foreclosure listing service, established themselves as the leading source for foreclosure listings, auctions, REOs and Tax Sales. Along with a searchable database of up-to-date listings, they offer detailed property reports, foreclosure education and information, and services for investors looking to profit in the dynamic foreclosure market. Real Estate agents, Lawyers, Investors, and homebuyers all utilize and profit from ilFLS.com's services.
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