Foreclosure Listings Down in Chicago

Looking at Chicago foreclosure listings were down 1% in the last 30 days.  Foreclosure listings made up 12.4% of the total number of properties listed in the MLS during the last 30 days.  This compares with  13.4% in the  the 30 days preceding.

Short sales were also down 3% during the same period and stood at 19% of the total listings.  Distressed properties made up 31.4% of the total listings.

On the sales side, foreclosures made up 18.2% of the total closed sales in the last 30 days and short sales made up another 21%.  All in all distressed sales made up 39.2% of total sales up from 34.4% of sales in the preceding 30 day period.

Speaking to some of the big time REO brokers I expect that this trend will reverse over the next several months as banks start to let go of more inventory that was help up do to the robo signing scandal.

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