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January 2014: Foreclosure Rates Decrease, While Auction Sales Increase


January 2014 saw an improvement in foreclosure rates over the previous month. New foreclosures in Chicagoland counties decreased 14.21%. This rate is 47.88% lower than in January 2013. The counties with the largest drop in foreclosures are Will, Kendall, and DuPage. In addition, the amount of properties sold at auction increased 75.10% in January 2014 since December 2013. While this number is inflated because December’s figure was really low, it’s still significant and shows a 28.41% increase over the previous year. Zero Chicagoland counties saw a decrease in properties sold at auction. In fact, three counties—Will, McHenry, and Kendall—had over a 100% increase in sales. According to PRWeb, “This is a strong positive indicator for the Chicago real estate market health in 2014.” Another increase in January 2014 was REO numbers (51.36% increase since December). Normally, this could be seen as a bad thing because it could indicate that a substantial amount of properties didn’t sell at auction and fell back to lenders. In this case, since so many properties were sold at auction in January, it is likely that resolved foreclosures contributed to the REO figure. REO numbers decreased 21.25% since January 2013. Will County experienced the highest increase and Kane County experienced the lowest. Due to these figures, PRWeb believes “2014 is off to an auspicious beginning.”

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