In “Barrington House Talk” last week, I opened things up for your questions. We received several great questions about the Barrington real estate market, and we’ll answer them all in the coming weeks here at 365Barrington.com. But today I’m going to tackle the question that’s most difficult because it’s a subject that can be tough to talk about.
Mike from North Barrington asks,
“What is the current Foreclosure rate in Barrington and how does that compare to the numbers nationally?”
It’s a great question, Mike. I’d like to say the numbers from MRED, our local MLS, are encouraging, but the data paints a different picture. The short sale and foreclosure statistics for Barrington are a real estate reality we have to know and face to help accelerate our local market recovery.
Of the 65 residential properties sold in Barrington from January 1st, 2011 through today, March 18th, 13 were short sales, according to MRED (Midwest Real Estate Data LLC). That’s 20 percent. A short sale is when banks help a homeowner avoid foreclosure by allowing their property to be sold for less than what’s owed on the mortgage.
Another 12 of the 65 properties sold in Barrington so far this year were owned by banks or in some stage of foreclosure. That’s another 18 percent. Because foreclosures, by law, do not have to be disclosed in the multiple listing service, the number of foreclosures for the Barrington Area is likely even higher.
When you add the short sale, bank owned and pre-foreclosure properties together, it’s 38 percent of the homes sold so far in Barrington this year. Take a look at this report I pulled today from MRED, which shows the original list price and sale price of some of the distressed properties that sold most recently in Barrington. The symbol (S) denotes a short sale and (F) is a property in some stage of foreclosure.
How do these statistics compare to the numbers nationally? Industry source, RealtyTrac, recently released their numbers for all of 2010. According to their report, foreclosure sales accounted for 26 percent of U.S. home sales in 2010. In Illinois, that number for 2010 was also right around 26 percent of all homes sold.
In all of 2010, there were 39 short sales and 39 foreclosure sales in Barrington, according to MRED. Those 78 residential sales account for 17 percent of all Barrington sales in 2010. Again, not all foreclosures are disclosed in the multiple listing service so this percentage is likely higher. But it’s still less than RealtyTrac’s 2010 percentages for the U.S. and Illinois. According to this data, Barrington was well below the national and state numbers for 2010, but 2011 is already shaping up to be a different story.
If you’d like to talk more specifically about what the latest Barrington real estate trends mean for your home sale or purchase, please don’t hesitate to give me a call. We purchased our home here in Barrington three years ago and I can relate, on a personal level, to concerns about property values. I also understand if you’re looking at these numbers as a buyer and see opportunity. I am a Realtor and I work with the Coldwell Banker office here in Barrington with my business partner, who is also my mom, Suzanne Luby. I have access to many tools to provide you the answers you’re looking for and we’ve been selling properties here in Barrington for many years.
You can reach me by phone at 847-691-3150, or send me an email Liz@365Barrington.com. I’m always a phone call or an email away and I’m happy to be a resource. If you’d like to ask your real estate question right her on this website, please do so by filling out the quick form which you’ll find by clicking HERE. I’ll provide straight-up answers in future posts here at 365Barrington.com with a look at facts that impact us all on a local level.
In the meantime, here’s a a look at the full list of scheduled open houses in Barrington for this Sunday, March 20th, 2011. There are 20 on the list and most are open from 1-4PM. But the times are different, as follows, for these five properties: 840 Bristol: 11-3PM, 19 White Pine: 11-2PM, 24649 Nodding Flower: 2-4:30PM, 11 Windridge: 12:30-2PM, 117 N. Old Iroquois: 12-3PM.[idx-listings linkid=”136009″ count=”20″ showlargerphotos=”true”]