HOME FORECLOSURES SURGE NATIONALLY - But Falling in Chicago and Illinois!
NATIONALLY, FORECLOSURES JUMP 5% IN MARCH - UP 57% SINCE MARCH, 2007 - IL DOWN 1.5%!
Across the U.S., foreclosure filings continue their climb - especially in California, Florida, Nevada, and Ohio. Figures from RealtyTrac.com identifies 234,685 properties in some stage of foreclosure during March. In aggregate, one in every 538 homeowners either received their first foreclosure notice, or were in the midst fot the process, last month.
Here in Illinois, however, the trend seemed a bit brighter - statewide, 6,194 homeowners received their original Notice of Default in March. This represents a DECREASE of 1.54% versus February, and an INCREASE, year to year since March, 2007, of 10.28% - far better than the national average.
Today, in Chicago, an estimated 14,500 properties are in some stage of the foreclosure process. However, foreclosure filings in the city closely parallel the State of Illinois trend. (Review this post in the Illinois Foreclosure Listing Service website for details).
Although the Chicago Real Estate Market is sluggish in many neighborhoods and suburbs, others are enjoying robust activity. Almost everywhere around our area, however - average sales prices have dropped, and market times have risen.
However, it seems that generalizing Chicago foreclosure statistics from national numbers will prove misleading. Our Real Estate Market seems to have been less a victim of rampant speculation that many other areas who had an major appreciation run up a few years ago.
Here's a link to today's Chicago Tribune story by AP Writer J.W. Elphinstone.
DEAN MOSS & DEAN'S TEAM CHICAGO
