As a follow up to the Chicago Crains Report ranking Illinois as the 9th Highest in terms of foreclosures I decided to see how my primary market in Evanston is doing in relation to the State. I decided to see how many Single Family Homes and Attached Family homes are currently being marketed as either Short Sales or Bank owned properties.

In Evanston there are 26 Single Family Homes listed as Short Sales and another 14 listed as Bank Owned.  This  number of both Short Sales and Bank Owned Real Estate represents  14%  (40 out of 289) of all Active Single Family Listings in Evanston. The Average Number of days a Short Sale is on the market is 147 days and 167 days for Bank Owned property.

In Evanston there are 26 Attached Family Homes listed as Short Sales and another 4 listed as Bank Owned. This number of both Short Sales and Bank Owned Real Estate represent 5% (30 out of 548) of all Active Attached Family Listings in Evanston. The Average number of days a Short Sale is on the market is 105 days and 48 days for Bank Owned property.

I decided to put the Average number of days on the market because many people are discouraged to writing offers on these properties because of the length of time it takes to close. As one can see from the numbers it does take on average 4 to 5 months to close these transactions.