After all the bad economic news we received from Wall Street over the past couple of weeks, it would’ve been nice to conclude the month of September at least with an upbeat post about solid real estate market stats for Edgebrook and Sauganash, in the third quarter of 2008.

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 either my partner Christina Ezzo or myself. We’ll be happy to guide you through the maze.

With pre-foreclosure and REO (lender-owned) properties at an all-time high, our real estate firm RE/MAX has forged a partnership with the nation’s largest provider of real estate foreclosure information, RealtyTrac. We now have access to all details of distressed residential properties in Illinois, whether they are in pre-foreclosure, headed for a trustee sale (auction), or are outright owned by lenders (REO).

I am working on a new feature for 60646 Blog that provides you with ongoing information about weekend open houses of homes for sale in 60646.

photo credit: hint of plum

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