A closer look at foreclosures and the market

Over the last decade, foreclosures have grown and spread in the Chicagoland area to include more outlying collar counties than at the outset, according to data presented by Dan Ball, a research consultant with SGS, Inc. and a member of a panel looking at the impact of foreclosures Monday.

The panel was part of one-day Housing Conference with Gov. Pat Quinn held at the Springfield Hilton in partnership with IAR and the Illinois Real Estate Educational Foundation.

In addition to Ball, the panel included Steve Olson, executive vice president and general counsel of the Illinois Credit Union League, and Tom Thanas, city manager for the city of Joliet.

Looking at Nevada as an example, Ball said many distressed homeowners are strategically defaulting, are unaware of foreclosure assistance programs and believe short sales to be too complex as an option.

Ball said there are four primary factors that distinguish neighborhoods “hit hardest” by foreclosure:

  • Lower educational attainment
  • Higher unemployment rates
  • Lower median household income
  • Lower home values

From the lenders perspective, Olson with the Illinois Credit Union League said financial institutions struggle to balance the push for quick collections with ever-increasing laws and regulations on how to deal with foreclosures.

Joliet’s Tom Thanas said cities like Joliet are making efforts to deal with distressed properties and credited the cooperation of local REALTORS®. He encouraged REALTORS® to among other things, work with their local city hall on the issue.

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.

2 thoughts on “A closer look at foreclosures and the market

  1. Where is that great download of the growth of foreclosures that Dan Ball showed?

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