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Year-end Doesn't Bring End To Foreclosures

Recently the total foreclosure activity in Illinois was announced, and although the numbers are lower than one year prior, they are clearly not about to end any time soon.  For those in the housing market seeking an end to the onslaught of distressed housing and declining prices, here was hope that 2011 would bring an end to morass and a fresh start in 2012.  So while 2012 will start a new year, the pace of foreclosures is not going to slow to a trickle.

What does all that mean?  "We foresee significant buying opportunities for real estate investors in Chicago and the surrounding suburbs," said Bardan Azari of Cherry Picker Investments.  Given the quantity of new foreclosure filings, the sun-setting of the robo-signing debacle, and the extended duration of typical foreclosure cases in judicial states, there is little comfort for a quick end to the foreclosure mess, instead it is more like a slow burn, heart-burn that is.

"As banks and lending institutions recognize that it is much more advantageous to unload their distressed real estate inventory at a foreclosure auction, we expect that the market can gain some traction due to the improvement in the turn-cycle of distressed inventory.  The worst thing that can persist is for banks to continue foreclosing on properties and keeping them in their REO inventory.  Everybody loses," said Bardan Azari.

So, for those already looking ahead for new year resolutions, it seems that 2012 is your next opportunity to acquire foreclosed real estate in Northern Illinois because one day soon (in the grand scheme of things) this too will be gone.

Michael Hobbs, November 12, 2011

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