Chicago Area Foreclosure Filings Decrease

By
Real Estate Agent with Keller Williams Preferred Realty

So, why has Chicago's Foreclosure Filings Decreased? 

One main reason could be because the mortgage servicers put a hault to the year-end foreclosure processing so that they could attend to investigations of their own foreclosure procedure and documentation.

Today, I was watching the news where it is reported that while foreclosures have slowed down that 2012 will be the highest year in foreclosures due to loss of jobs. 

So, how can the Chicago Area Foreclosure Filings Decrease?   The decrease is being compared to the lowest level in three years in 2011.

2012 will be a record breaking year for foreclosures.  Remember, the value of your home demands on local and not national or via the City average but your specific defined neighborhood!

While the news is backwards and the media is trying to put a little wind to our sails, the fact still remains that you have options if you are experiencing financial difficulties.  Don't wait until the last minute as those options reduce themselves automatically due to the time frame.Condo complex

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  1. Barb Van Stensel 01/18/2012 03:56 PM
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Topic:
Real Estate General Information
Location:
Illinois Cook County Chicago Andersonville
Groups:
Chicago Area Real Estate BUZZ!
Hyper-Local
Posts to Localism
Realtors®
Tags:
chicago area forelcosures
value of your home
selling your home
chicago short sales

Comments 13 New Comment

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Rainmaker
159,176
Howard and Susan Meyers
The Hudson Company Winnetka and North Shore

Good information Maggie.  We seem to have leveled off in foreclosures in the North Shore suburbs, but there is a lot of rumblings about a large number of REO's to hit the market this spring.  We'll have to wait and see.

January 17, 2012 09:39 PM
Rainmaker
698,834
Sharon Parisi
Dallas Homes
Keller Williams Dallas Premier Realty

Maggie this is good news for Chicago.  I have many relatives in Lincoln Park, Wrigleyville and the western suburbs.  Let's hope this is a trend!

January 17, 2012 10:30 PM
Rainer
222,415
Carie Shapiro
Managing Broker-IL; Pre-License Instructor-IL; Broker-TX

Great news for Chicago!  Being a Chicago native, I always like to hear positive news about that town :)

January 17, 2012 10:40 PM
Ambassador
1,161,728
Tammie White
TW Realty Group, Franklin TN, South of Nashville
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net

I am originally from the northwest suburbs of Chicago. My stepson is living in the city and owns two residential properties and one commercial. I hope this prediction of increased foreclosures in 2012 doesn't pan out. I know your area has been hit hard. It would be nice to catch a break.

January 17, 2012 11:46 PM
Rainer
124,785
Laurie Clark CRB Angel Realty LLC Your Monument Realtor 719-502-6572
Angel Realty, LLC
CRB-CCSS-ASD-HBS-RSD-Denver Short Sale Agents

Congrats on the feature! I am not surprised that the media is playing up false good news for the housing industry across many cities. However, I am glad to hear that banks and mortgages holders are revising and reviewing their foreclosure processes. Hopefully, these revisions will cease all robo signing of foreclosure notices. Thanks for sharing and have a great week.

January 17, 2012 11:47 PM
Rainer
232,378
Mike Yeo
3:16 team REALTY

Maggie - your advise is right on. If someone is in financial need, they do need to act fast.

January 18, 2012 12:14 AM
Rainmaker
1,778,351
Gabe Sanders
Stuart Florida Real Estate
the BlueWater Realty team specializing in Martin County Residential Homes, Condos and Land Sales

Foreclosures are off significantly here in my neck of the woods as well.  Hopefully a good sign for things to come.

January 18, 2012 06:25 AM
Rainmaker
938,118
Adrian Willanger
Profit from my two decades of experience
206 909-7536 TheHomeFunnel.com

Maggie, Great article for home sellers facing foreclosure that there're options available, just don't exhausted them by waiting too long. Good market information.

January 18, 2012 09:47 AM
Rainmaker
590,747
Margaret Goss
Chicago's North Shore & Winnetka Real Estate
Baird & Warner Real Estate

Hi Maggie - congrats on the feature!  Yes, real estate statistics are local local local.  Some areas are completely bucking the trend of what is happening nationally. 

January 18, 2012 09:52 AM
Rainmaker
808,164
Lyn Sims
Schaumburg Homes
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago

I also read that yesterday & was a bit confused as to what it was really saying. I don't believe that foreclosures will be up in 2012 because most banks have already been investigated by their states attorney's offices for procedural problems. The 2 weeks that foreclosures were stopped happens every year like that is some kind of generosity toward the sellers.

I don't really think they know what they are talking about.

January 18, 2012 11:42 AM
Rainer
38,312
Maggie Finegan
Keller Williams Preferred Realty

Lyn, don't forget that The Mortgage Debt Relief Act of 2007 expires at the end of 2012.  I believe we will be seeing a lot of activity due to this deadline.

Time will tell, as they say.

January 18, 2012 04:15 PM
Rainmaker
647,735
Evelyn Kennedy
Alameda, Real Estate, Alameda, CA
Gallagher & Lindsey, Alameda, California

Maggie:

I am hoping that foreclosures from Banks come on the market in a small steady stream.  But I do agree that there will be more foreclosures this year. 

January 18, 2012 04:39 PM
Rainer
185,098
Irene Durocher
homesweethome4u@att.net
Coldwell Banker BUYERS AGENT

Hi Maggie, I find the banks are holding some of the properties so it does not affect their

bottom line. I sell oceanfront, there are some good deals, but also many properties are

"beat up".  Heres hoping 2012 is a great year for all realtors.


Irene Durocher Bristol Properties

Boca Raton,Florida on the Atlantic Ocean




January 20, 2012 04:46 PM
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Rainer
38,312

Maggie Finegan

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