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News
Kendall home sales finally outpace foreclosures : News : Oswego Ledger-Sentinel : Hometown Newspaper for Oswego and Montgomery, IllinoisKendall home sales finally outpace foreclosures
| 1,581 homes sold in county last year surpassed the 1,382 foreclosures
| by Matt Schury
| 3/15/2012
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For the first time since the recession began in 2008, home sales outpaced foreclosures in Kendall County last year.
That's according to the latest data from the County Circuit Clerk's office and the Illinois Association of Realtors (IAR).
Last year, 1,581 homes were sold in the county while 1,382 homes fell into foreclosure. In 2008, 5,920 homes were sold and 1,218 homes went into foreclosure.
Those numbers are still a far cry from five years ago when Kendall County was still growing. In 2007, almost 8,000 homes were sold while just 685 homes went into foreclosure.
Additionally, from January through the middle of March this year, foreclosures were down slightly from the same time last year, County Circuit Clerk Becky Morganegg reported.
Morganegg says she has her fingers crossed that those foreclosure filings will continue to drop.
In 2011, 294 homes went into foreclosure during the first two and one half months, while 277 foreclosures have been filed so far this year with the circuit clerk's office.
"We're staying consistent with what was filed in 2011," Morganegg said.
She noted that some banks placed moratoriums on foreclosures in the past couple of years, which might have slowed the foreclosure filings.
"For a while, we had some moratoriums and some of the big banks got their wrists slapped by the government for shortcutting the process and I haven't heard (that this year)," she said.
She added that her office is also current on processing the foreclosure filings, which is also a good sign.
"I'd love to see a steady decrease, I'd love to go back to the '07 numbers," she said. "I don't know that we'll see the 8,000 (homes sales) because that is when we had the explosion of subdivisions. A lot of the big builders have gone under."
Morganegg notes that she recently read that a corporation bought the Grande Reserve Subdivision off U.S. Route 34 in Yorkville. She said she hopes this is a sign of things to come.
The Florida-base Avanti Properties Group reported on their website that they purchased a mixture of finished, partially-finished, and raw single-family and attached lots, representing a total of nearly 2,200 units at Grande Reserve last month.
"That would help, if they are coming in to buy Grande Reserve and they are going to start building. It would be wonderful to finish off even one stinking subdivision," she said.
Homes sales rise while
prices continued to drop
The IAR reported 86 homes sold in Kendall County in January compared to 61 in January 2011.
However, the prices of those homes fell. The median price for a home sold in Kendall County in January was $142,000, a $16,000 drop from last year in January when the median price was $158,000.
Overall, home sales last year in Kendall County totaled 1,581 compared to 1,395 in 2010. Median price for those homes sold last year was $156,900, a 9.3 percent decrease from when the median price was $173,000 in 2010.
Homes sales were also up in the nine-county Chicago area the IAR measures that includes Kendall, Cook, DeKalb, DuPage, Grundy, Kane, Lake, McHenry and Will counties.
The report indicates home sales in those counties in January 2012 totaled 4,447, up 15 percent from the 3,844 homes sold last year during the same month. The median price in January 2012 was $140,000, down 11.4 percent from $158,000 in January 2011.
Kendall County saw more homes sold and at a higher price than neighboring counties, the IAR report shows. DeKalb County sold 38 at a median price of $133,000 and Grundy County 16 at a median price of $117,500 in January.
Statewide data for the first month of 2012 shows 6,435 homes sold in January, an increase of 16.1 percent from 5,543 home sales in January 2011. Median prices for homes in Illinois were $122,500, down 9.3 percent from $135,000 in January 2011.
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