April 2013 Foreclosure Auction Activity
According to RealtyTrac, there were 2,945 scheduled residential auctions last month in Cook County. That’s the most auctions in any given month in nearly three years. Just a year ago in April of 2012, there were only 1,844 scheduled foreclosure auctions.
Of course, not all of the properties actually end up auctioned. Some auctions get canceled because the homeowner is able to work out an alternative deal with the lender, such as a foreclosure or short sale. Some are simply postponed for a short while.
Of the auctions that did happen, only about ten percent went to third parties. Most of the time, the bank just ends up taking possession of the property and eventually selling it on the market.
Despite the increased auctions last month, RealtyTrac stated that in general, foreclosure activity is down in Illinois.