Economy Rockford: Tracking Foreclosures

According to statistics by a real estate tracking company, more than 300 homes fell into foreclosure in Winnebago County in February. Steve Bois, a local real estate expert says it’s hard to tell if more is ahead.

Steve Bois says there’s no accurate way to track whether foreclosures are getting better or worse. Nearly 25% of homes on the market in the Rockford area are distressed. It’s hitting all price levels from 20,000 to a half a million dollars. More short sales are also popping up when a home is sold for less than is owed on it. Bois says the real challenge moving forward is shortening the period between when an offer is made on a property and when the deal actually closes. He says the long waiting period right now is causing some buyers to back out.

“The challenge going forward though is to work with lending institutions and bank ownerships to get these transactions through. The problem is the transactions are taking some time, and that’s causing some frustration on the buyers and sellers side. We need to find a way to improve the time from an offer on the property to until the time closes to make that happen.”

Bois says another reason why its hard to track foreclosures numbers is because Freddie Mac and Fannie Mae don’t report their statistics to local officials.

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