Monday, November 29, 2004

Chicagoland Foreclosure Filings Jump 31% in November

Foreclosures.com

SACRAMENTO, Calif.--(BUSINESS WIRE)--Nov. 29, 2004--Northern California based Foreclosures.com, an investment advisory firm specializing in distressed property, reported today that new filings of foreclosure increased by 31% in the first 18 days of November over the total of new cases filed the previous month.

"Our research in the Chicago area reported 3,695 new lis pendens filings in the six county Chicago metro areas as of November 18," said Alexis McGee, president of Foreclosures.com. "In contrast there were a total of 2,536 new cases filed for the full month of October." Ms. McGee added that 2,603 of the November filings were in Cook county, with the balance in the five suburban counties.

Ms. McGee went on to say that Chicago real estate activity was mirroring the much more overheated coastal markets in that sales volume was increasing even as prices were coming down. "The Midwest is a lot less volatile than the coastal markets because the Middle America markets never really got as overheated as those in California, Nevada and in the Northeast. We saw double-digit price appreciation year over year in the coastal markets, and over 52% in Las Vegas. In contrast, Chicagoland prices rose just 7.6% year over year in the third quarter of 2004."

Ms. McGee also noted that the increase in home values for all of Chicagoland was offset by a 4.7% drop in Cook County prices in September from the same month in 2003, and said this weakness, combined with rising interest rates could be a contributing factor in the surge in foreclosure filings. "Over the last twelve years, we've always seen a correlation between rising rates, falling prices, and an increase in foreclosure activity."

Foreclosures.com has been publishing pre and post-foreclosure property data and assisting investors since 1992. The company serves markets in Chicago IL, the state of New Jersey and the metro areas of Phoenix AZ, Las Vegas NV, New York, and eighteen California counties.

"Our mission is to put investors in touch with troubled homeowners so they can help these people quickly sell their way out of foreclosure and conserve some equity for a new start," said Ms. McGee. "That's far better than seeing them lose everything in a Sheriff's Sale on the courthouse steps."

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