2015 Q1 National Foreclosure Report

One of the most frequent questions we get is "How many foreclosures are there in the market?"

While foreclosures, REO's, and short sales, which comprise the distresses property segment, are affecting the market, the impact they have on one home or subdivision to the next can vary significantly. Contact the Bakers with questions on this subject.

Here are percentages of distressed single-family homes closed in each town in 6-month segments. For example 23% of all single family sales in Arlington in the first half of 2012 were distressed properties.
12/2/12-6/9/12 and 6/9/12-12/10/12.  To the right are the percentages of distressed homes for sale in the market at the end of 2012.

A "zombie foreclosure" is a property in the foreclosure process for over 3 years. Over 11% of the 2014 foreclosure market are zombies, these hot potato homes are ones the banks and the owners don't want.

Percent of distressed single family homes in the market

                                             2012                      2013            2013        2014          2014
                               1st half -  2nd half                  1st half         2nd half      1st half        2nd half

Single family            Closed      Closed           Closed          Closed      Closed        Closed

Arlington Heights       23%         14%                    18%               10%              10%               7%           

Mount Prospect          22%         20%                   24%                14%             16.5%            9%

Palatine                       29%         22%                   18%                13%             18%               9%

Wheeling                     60%         49%                    52%               35%             40%              29%

Prospect Heights       58%         22%                    25%               25%             24%              17%

Buffalo Grove             25%          23%                    27%              18%             16%              10%

Rolling Meadows       33%         19%                     25%              23%             35.5%           21%

Schaumburg               24%          28%                    29 %             24%             21.5%          13%

Des Plaines                43%          40%                   38%               28%             31%              17%

Elgin                             63%          53%                   55%               46 %           47%               31%

Hoffman Estates         36%         30%                    36%               28%            31%               19%

Round Lake area        72%         73%                    76%               61%            56%              39%

Long Grove, Kildeer,
and Lake Zurich           28%        21%                    23%               18%             14%       

Barrington                    16%        20%                    20%                14%             16%

Park Ridge                  16%        19%                    16%                15%             10%       

Hanover Park               68%        61%                    58%                50%            46%

Bartlett                          40%         36%                   33%                26%             27%

Highland Park              14%        16%                    15%               11%               9%

Glenview                       23%        15%                    14%               14%             15.5%      

Glencoe                        12%          7%                    12%                 5%                3%

Lake Forest                  17%         10%                  19%                  6%               7%

Lake Bluff                      25%          12%                 20%                  7%             12.5%

Wilmette                       10%           6%                     7%                  3%                 6%

Winnetka                        7%           6%                     4%                  5%                 4%

Kenilworth                     16%          10%                   4%                  3%                0%

Evanston                       12%          13%                   13%              12%              18%

Vernon Hills                   20%          21%                  26%               15%              18%

Chicago (city limits)      46%          36%                  45%               38%              32%

Rockford                        59%          57%                  65%                53%              63%

Island Lake                    73%          65%                  65%                49%              54%

Fox Lake                        64%          42%                  71%                44%             49%

Fox River Grove            45%                                    30%                28%             20%

Crystal Lake                  43%           36%                 42%                34%            33%

Carpentersville              69%           60%                 63%               51%             40% 

Addison                          51%           32%                 38%              40%             39%

Zion                                 84%          79%                  83%              62%             67%

Aurora                             55%          55%                  54%              46%             46%

Calumet City                                                                                     63%            60%

 

stats from MLSNI

 

1/14/2014

Illinois has one of the nation's worst concentrations of deeply underwater homes, but a rising residential market over the past year has lifted some local homeowners out of the predicament, according to a new report.

Nearly 775,000 Illinois homeowners with a mortgage, or 32 percent in the state, were "deeply underwater," or owned homes worth at least 25 percent less than their outstanding debt in December, Irvine, Calif.-based RealtyTrac Inc. said today.

Only Nevada and Florida fared worse, with 38 percent and 34 percent of homes deeply underwater, respectively.

In the Chicago area about 33 percent, or 726,000 local homeowners with a mortgage, were seriously underwater in December, down from 36 percent in May, RealtyTrac said.

The proportion of deeply underwater Illinois homeowners is down from 35 percent in January 2013 amid rising home values, RealtyTrac said. Nationally, the rate fell from 26 percent to 19 percent in 2013 Realty Trac said.

 

At the end of 2010 there were 70,000 pending foreclosure cases in Cook County. Since then, foreclosures in the Chicago area have bogged down courts even more. At the end of January, there were 77,000 cases pending in Cook County Circuit Court.

It takes an average of 697 days to complete a foreclosure action in Illinois, according to RealtyTrac.

Under the new Illinois Supreme Court rules, lenders also must submit detailed documents at the start of the foreclosure process. Lenders also will be required to follow certain procedures to notify borrowers who have been found in default on their mortgage and to notify them again that the property is headed for sale.

 

The number of Chicago-area homes worth less than their debt rose at the end of the year, contradicting the trove of data suggesting the local residential market is on the path to recovery.

Research firm CoreLogic released a report today showing that 33.3 percent, or 506,838, of Chicago-area homes with a mortgage were “underwater” in the fourth quarter, up from 29.6 percent, or 451,250 properties, in the third quarter. The national rate moved in the opposite direction, dropping to 21.5 percent from 22 percent in the third quarter.

The average Chicago-area home with a mortgage had a loan that represented 78.6 percent of the value of the property, according to Irvine, Calif.-based CoreLogic.

The CoreLogic data belie the broader narrative of a rebounding housing market. Local home sales jumped 27 percent in 2012, and a key index of single-family home prices rose 2.2 percent.

 

Below Lender Processing Services reports a 21% increase in 30 day mortgage delinquencies in Chicago.

 

 

Of note is the fact that foreclosure filings in the Chicago area took a big jump in May 2012 over May 2011.

Dupage  160% increase
Kendall     94%
Kane         93%
Will            87%
Lake         71%
McHenry  58%
Cook        45%

These stats are from MLSNI.