Cook County Foreclosures Up 30% Year Over Year
According to the Chicago Tribune, foreclosures in Cook County, which is Chicago and some surrounding suburbs, are up 30% so far compared with a year ago. From the Tribune:
“There were 28,000 foreclosure filings in all of last year, and now we’ve already had 28,000 in Cook County through the third quarter of this year,” Mary Richardson said.
“I give them a realistic picture, that they’re not going to get a house for 40 cents on the dollar,” said T.J. McKinney. “If you can get a house in the preforeclosure process [before the home is auctioned], the reality is maybe you’re looking at a 15 percent discount” from retail.
Foreclosure filings are up about 30 percent in Cook County, he said. “While there’s more quantity now, there’s less quality.”
The article discusses how it’s difficult to make money on foreclosures right now and so newbie investors should be cautious about getting into the foreclosure game.
Given the number of ARMs that will be adjusting in the next several months, it would seem that we are only at the beginning of the foreclosure process. It will get a lot worse before it gets better. Why buy in now? There will be more deals later.