A new study of foreclosure trends for Cook County, Illinois revealed foreclosure inventory stands at a level rivaling Wayne County, Michigan. Cook County also leads in foreclosure listing incidence and lower relative median for-sale price.
Online PR News – 12-January-2011 – – Santa Barbara, CA - A new study of foreclosure trends for Cook County, Illinois revealed foreclosure inventory stands at a level rivaling Wayne County, Michigan. RealtyStore (www.realtystore.com) conducted the analysis of all current foreclosures recorded in the counties, including both foreclosure listings of property actively marketed for re-sale and real estate foreclosures which are pending listing in each respective county ('shadow inventory'). Wayne County, Michigan, home of Detroit, has recently been regarded as a regional leader in foreclosure counts. However, Cook County, Illinois, home to Chicago, is ahead with a larger total inventory of foreclosures.
Counts for all REO foreclosure owner types were reviewed, including bank foreclosures, Freddie Mac and Fannie Mae foreclosure inventory, HUD homes and VA foreclosures. Cook County foreclosures totaled 10,433, while Wayne County accounted for 10,409. Of the total inventory of foreclosures, 4,650, or 45%, in Cook County are actively listed for re-sale. In Wayne County, a much smaller 27% of all foreclosures are currently listed for re-sale. However, Cook County foreclosure listings currently post a lower relative median price versus the overall market median home price.
"Cook County foreclosures offer an interesting comparison to the nearby market in Wayne County," commented Peter Ranck, RealtyStore Vice President. "Though both counties must deal with a similarly large number of over 10,000 total foreclosures in inventory, we see a much larger gross number of foreclosures actively marketed in Cook County. In terms of pricing, both counties show median foreclosure prices materially below their respective market median prices. However, Cook County foreclosures are priced lower on a relative basis, at a striking 62% below the market median price. The higher listing incidence and lower relative prices suggest the institutional REO foreclosure sellers in Cook County see a better opportunity to liquidate their inventory there. Still, with 55% of foreclosure inventory yet to enter the local Cook County market, it remains to be seen how the shadow inventory might influence prices and sales rates in the future."
A pricing analysis of Cook County real estate foreclosures revealed the median foreclosure price is presently $79,900. Given the median price of all homes for sale in Cook County is $209,900, foreclosed houses are running 62% less at the median. When evaluating sales prices offered by REO foreclosure seller, both bank foreclosures and Fannie Mae foreclosure inventory reflected similar price distribution. Both shared the same median price point at $79,900. HUD homes post a significantly lower median price at $54,500, while the small number of VA foreclosures on the market posted a median of $135,000.
Bank foreclosures represent 57% of all Cook County foreclosure listings and the widest range of list prices, from $6,900 up to $1.35 million. The rest of Cook County foreclosures are owned by government sponsored enterprises (GSE's), such as Fannie Mae, HUD or the VA. Freddie Mac or Fannie Mae foreclosure inventory has a 38% share of the county's foreclosures for sale, ranging in price from $5,800 to $484,500. HUD foreclosure inventory for sale is 6%, priced from $10,000 to $290,000. VA homes are less than 1% and listed from $57,000 to $169,000.
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own/owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (10/2010).