According to housing market analysts, Chicago home auctions and residential property sales in most Illinois markets showed that the industry is still in the throes of the foreclosure crisis as majority of residents are still opting to rent than purchase a residence. In March, sales figures were mixed, depending on which timeline is used to compare monthly figures with. The Rockford Area Realtors has reported that a total of 211 housing and condo units were purchased by buyers in the region in March of this year.

This represents a surge of 22% when compared with the number of new houses and properties in Illinois home auctions that were sold in the area during February of this year. However, compared with March 2010, the sales total represents a decline of 32.6%, with last year's sales reaching a total of 313 residential units. Market analysts have explained that year-over-year figures are more reliable in gauging trends in the housing industry, but they did remind market observers that 2010 sales figures were skewed by the federal government's tax credit program.

They claimed that sales at foreclosure properties auctions and at regular home sales channels in 2010 were artificially inflated by as much as 16.5% by the tax credit initiative, which means that the sales decline recorded in March is not as high as statistics demonstrate. They also stated that the coming months will be much better for Rockford's home sellers as unemployment rates in the region continue to drop.

Realtors share analysts' optimism, with most of them reporting increased interest from homebuyers. Sellers are also said to be taking advantage of the anticipated surge in sales by holding more open houses and house showings to lure buyers in. Despite the optimism, industry analysts are still worried about the continuous drop in housing prices in the region.

As of the end of March, average selling prices in Rockford had declined by 7.1% compared with February to rest at $103,856. The February 2011 average selling rate was at $111,824. Meanwhile, average prices of homes sold at foreclosure properties auctions and newly built dwellings sold during the month declined by 10% compared with March 2010 when the rate was pegged at $115,416.

Foreclosure Properties Auctions Sold Fewer Homes than Last Year is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

The report revealed that the areas hardest hit by dwindling populations were the South and West, where a huge number of African Americans live. These people, the report stated, left the area as crime escalates and more homes fall into foreclosure Chicago home auctions. Another reason cited was the decline in the quality of schools in both sides and the economic squalor prevalent in the neighborhoods.

One example cited was Englewood, a neighborhood located on the South Side of Chicago, where a huge number of properties had been sold at Illinois home auctions. Almost 25% of the area's population, equivalent to around 9,500 residents, was reportedly lost by the area over a period of 10 years. Another 10,000 have also abandoned the neighboring community of West Englewood.

According to housing market analysts, the population decline happened gradually during the first half of the decade, but the recession and the housing market crisis that occurred later accelerated the loss. In the last two or three years of the decade, the number of foreclosed houses and bankruptcy homes that have been abandoned and left empty increased dramatically, leading more people to leave the area to avoid the sight of boarded up dwellings.

Residents revealed that the rise in the number of abandoned properties, most of them homes at auctions, drove away even those who still have their homes and have avoided the foreclosure crisis. They stated that these homeowners cannot abide living in a neighborhood surrounded by empty houses. The number of immigrants in the city has also declined over the decade as Hispanics and other groups left their neighborhoods.

The areas of Pilsen, Little Village and Logan Square, generally known as immigrant neighborhoods, have reportedly lost 8,000 to 12,000 residents during the course of the decade. Residents stated that, if the number of abandoned foreclosed dwellings and bankruptcy homes rises again this year, more people will likely leave the metro area.

Foreclosed and Bankruptcy Homes Led to Population Decline in Chicago is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Last year was not a very good one for home sellers in the state. Elgin foreclosure auctions and other property auctions all around the state posted fewer numbers of closings. Housing data for Illinois showed that sales of houses increased during the first half of 2010 while the federal government's tax credit program was in place. However, figures declined rapidly in the second half, immediately after the expiration of the tax credit.

One good development for the housing market of the state is that December 2010 sales, including properties offered at foreclosed home auctions in Illinois, posted improved numbers compared with sales figures recorded in December 2009. This improvement has given rise to optimism among housing market observers that the trend will continue in 2011.

However, some analysts claim that the planned increase in taxes might reverse the positive trend in the housing market. According to them, people buying properties from Sheriff Sales and foreclosure auctions might be put off by the planned tax hike. Individual income taxes are projected to rise to 5% from 3% in the state, while corporate taxes will reportedly increase to 9.5% from 7.3%.

Realtors stated that the projected increase in taxes makes it harder to gauge where the real estate industry is going. With foreclosure auction houses selling more properties last December, local agents and brokers are worried that the coming tax rate hike will derail the momentum of the home selling sector. However, most realtor associations in the state have yet to express an outright stand regarding the potential impact of the hike on the residential property market.

A number of housing industry observers stated that, although realtors and other industry participants are eager to see Sheriff Sales and house auctions continue their positive run, they are also aware that the tax hike will help the fiscal condition of Illinois. So far, no official stand has been issued by local realtor organizations.

Tax Hike Planned in Illinois Amid Decline in Foreclosure Sheriff Sales is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Foreclosure auctions in Chicago offered more properties last year, with foreclosed residential properties recording a 20% increase compared with 2009 figures. Over 45,000 properties were under some form of foreclosure last year. According to housing market analysts, government-supported efforts to stop foreclosures and a fourth quarter decline in activities failed to bring full-year totals to a lower level than 2009.

Although the number of properties offered at Illinois foreclosure auctions declined in the fourth quarter of 2010 compared with the same 2009 quarter, full year figures still hover near record levels. A total of 45,555 residential properties was taken back by banks in 2010 in the area running from the border of Wisconsin to the northwest Indiana region. Initial default notices issued by mortgage service firms reached a total of over 83,000 in the region last year.

According to real estate brokers and housing analysts, foreclosure figures will continue to rise in 2011 as more homeowners receive notices of default. Foreclosure activities have reportedly picked up again in Illinois as shown by the considerable number of households receiving notices during the last month of 2010. In December of last year, more than 9,000 households received notices of default in the state.

These properties will soon end up in foreclosed home auctions unless owners and lenders escalate their efforts to find alternative ways to foreclosures. Last year, the Chicago metro area recorded some of the highest numbers of foreclosure-related filings in the state, with Cook County posting over 80,600 filings. DuPage, on the other hand, had 10,646 households receiving a filing, while Kane had more than 9,000. Both Lake and Will recorded a little over 11,000 filings while Kendall has one of the lowest totals at more than 2,600.

Majority of real estate brokers are predicting that 2011 will be the peak period for the foreclosure crisis in Illinois. However, they did claim that if the job market achieved a significant recovery during the year, the housing market will follow suit.

Real Estate Brokers Saw Foreclosures Increase in Chicago in 2010 is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Based on a report from the community organization National People’s Action, BofA accounted for 17 percent of all foreclosure postings in the city in 2009, the highest percentage posted in the city.

So far this year, the bank has already filed 1,700 foreclosure cases, increasing the total of BofA filings in Chicago since the start of the housing meltdown in 2008 to over 8,000 filings.

Last year, the bank has filed 3,950 foreclosures, accounting for 17 percent of the city’s total filings of 23,000 and marking the highest number of postings filed by any mortgage lender or servicer in the city. More than 9 percent of all foreclosures at auctions in the city last year were taken back by BofA.

To help play up the release of the report, the community group marched around two blocks hit hard by foreclosure and posted signs on some homes informing people that the vacant properties were foreclosures by BofA.

In response to the report, a bank spokesperson said that as BofA services and owns 20 percent of all residential mortgages in the country, it is inevitable that it also owns a big portion of distressed homes entering Chicago foreclosure auctions.

In 2008, BofA also acquired Countrywide Financial, one of the mortgage lenders largely blamed for the record number of foreclosures that hit the U.S. because of its questionable lending practices.

The BofA spokesperson also disputed the HAMP figure mentioned by the community group. He said that the bank has modified over 630,000 residential mortgages since January 2008, including preventing a big portion of homes from entering foreclosure auctions in Illinois.

In the most recent HAMP report released by the Treasury report, BofA has started 308,527 trial modifications and has completed 62,969 permanent loan modifications since the start of the program, including modifications that rescued a number of units from entering Chicago foreclosure auctions.

Bank of America Pushing More Chicago Foreclosure Auctions is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Hsu said that the foreclosure process covering renters of repo homes in Illinois starts with the filing of a complaint. Summons are served to distressed owners of repo homes, and then a judge will issue a foreclosure ruling and order of property sale.

After being served and having received the summons, owners of repo homes are given 90 days to make their accounts current. After the reinstatement period comes the redemption stage in that repo homes owners are required to pay the whole loan principal, fees, costs and interest seven months after they received the summons or a quarter after the issuance of foreclosure judgments.

The sheriff’s sale of Illinois repo homes will be conducted after the redemption time period has lapsed. A court hearing will be held to confirm the foreclosure property sale.

The proceedings for Illinois foreclosures affect tenants in several ways. Sometimes they are named in foreclosure complaints and served with notice. In the event that this happened, the buyer can make a claim for the foreclosed property a month after the hearing for confirmation of the sale.

Meanwhile, Hsu explained that sometimes tenants are not named in foreclosure complaints. If this is the case, the complainant may file a supplementary petition for possession. The petition can be filed during the foreclosure proceeding, up to 3 months after the order of sale confirmation.

In addition, courts are required to conduct hearings on petitions not more than 21 days starting on the day that the notice of the foreclosure hearing is served.

Meanwhile, Illinois foreclosure regulations protect tenants who have not violated any law and remain current on their rent payments. Tenants who are good payers have the option to remain on their rented repo homes for 4 months after the notice of the supplemental petition hearing or until the lease expires, whichever is shorter.

In cases that tenants are not diligent in paying their monthly rents, they could be forced to vacate the premises immediately.

On the other hand, if the buyer of the foreclosed property filed a proceeding of forced entry and detainer against the tenant, he can seek ownership of the house a month after the order of the confirmation of the sale.

Illinois Lawyer Outlined Rules for Tenants of Repo Homes is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.