Foreclosures in 60646 – The Picture Ain’t Rosy, But It Could Be Worse
Our blog has been googled quite a bit lately for the term “Foreclosures in 60646″, so I thought I dedicate a post solely to cover this aspect of the residential real estate market in zip code 60646.
As you know, per one of the conditions of our firm’s membership with RealtyTrac, we’re not at liberty to publicly disclose the addresses/details of distressed properties on 60646 Blog or any other website, for that matter, unless of course, they’re already listed for sale in the MLS.
However, recently, RealtyTrac made a cool new tool available to its members, showing the stats for pre-foreclosures, bank-owned (REO’s) properties, and those headed for auction, by zip code. I thought I’d share some of these stats with you. For 60646, the picture is somewhat ugly, but compared to some other neighborhoods on the north side of Chicago, it looks like we’re dodging the bullets, for the most part.
Adding up the figures in the pre-foreclosure, auction, and REO categories by month, we can see the total activity for distressed properties in 60646, since last September. Not sure, what’s going on with the spike in activity last June, but judging by the figures in the chart above, the bulk of June’s activity was due to newly filed foreclosure lawsuits (pre-foreclosures) which may have been the result of resetting adjustable mortgage rates in the spring.
Obviously, RealtyTrac does not break out zip code 60646 by Edgebrook, Sauganash, and Gladstone Park, because they have bigger fish to fry 
But the image below (courtesy of RealtyTrac) might provide you with a rough idea of the neighborhoods in 60646 where the majority of distressed properties are located. I believe that I’ve shrunk/manipulated this image sufficiently so as to make it impossible to know the exact locations (let alone details) of distressed properties, however, I’m letting you know in advance that if RealtyTrac notifies me that they don’t like what I’ve done here, the image below will disappear from this post. Now that we’ve got this out of the way , here’s what I’m seeing: Edgebrook, with the exception of a few properties in North Edgebrook and Edgebrook Towers, is hardly suffering from foreclosure activity. Sauganash shows signs of a bit more activity, though mostly pre-foreclosures. This is in line with what I’m seeing in the MLS for listed properties in Saugansh: more short sales than bank-owned properties. South Edgebrook and Gladstone Park though show a sizeable number of distressed properties: Mostly pre-foreclosures, but also a respectable number of properties that are headed for auction.
As I’ve written before, if you’re interested in acquiring a distressed property in Edgebrook, Sauganash, or elsewhere in Illinois, contact me. I’ll be happy to guide you through the distressed property maze.
Popularity: 4% [?]
Tags: 60646, Blog, Chicago, Edgebrook, Edgebrook Towers, Foreclosure, Google, MLS, Mortgage, Neighborhood, Real Estate, REO, Sales, Sauganash, Short Sale, South Edgebrook
Ha! They'll fall in the winter and then rise again in the spring just as the sun rises in ...
... It's going to be a long cold winter. I'll be back in the spring.
That's what I'm reading too, ...
Why go into business if you can't sell?
In career choice there are all these older guys who confuse ...
There was an 18% year-on-year increase in July foreclosure filings, according to RealtyTrac. The month saw 92,845 filings.
That is one new foreclosure filing for every 1,245 households.
“While foreclosure activity continues to remain slightly below historical averages, there looks to be a significant amount of upward pressure on foreclosure rates in the next few months,” siad James J. Saccacio, chief executive officer of RealtyTrac.
“First, the billions of dollars in ARMs projected to reset in the third and fourth quarters could increase monthly mortgage payments for many homeowners,” Saccacio explained. “And the cooling real estate market exacerbates the problem for these homeowners by making it tougher for them to sell at a high enough price to pay off their loan balance.”
Colorado had the highest rate of foreclosures in the country, with a new foreclosure filing for every 480 households. The state has had the highest foreclosure rate for five straight months.
Colorado saw an increase of 3% in foreclosure filings for the month, and a 55% increase for the year. The state reported 3,810 households entering some form of foreclosure.
Nevada had the second highest foreclosure rate for the second month in a row. There was one new foreclosure filed for every 533 households. There was a 31% increase in foreclosures for the month with 1,626 households entering some stage of foreclosure.
Texas led the country in the most foreclosures with 12,103 filings. The state has remained in this position for eight consecutive months. There was a 15% increase in foreclosures when compared to June.
Six states, including Texas, Florida, California, Michigan, Ohio and Illinois, represented 54% of the nation’s foreclosure activity in the past month.