There are lies, damned lies and statistics....not my quote, but a great one indeed. Recent information published by RealtyTrac, considered to be a credible source of information as they track a large quantity of foreclosure filings and data nationwide, pointed out the Illinois slipped to 7th position from previously being in the top 5...Woohoo...progress. Granted, that is not the type of dance-in-the-streets good news that occurs when say the Chicago Bulls won the NBA championship or the Chicago Bears won the Super Bowl, but it is better news.
What does a change in the rate of foreclosure activity mean? In general, the processing of open foreclosure cases is improving and rate of new cases going into foreclosure is slowing. It is not going away, but it is slowing.
How long will it take before those changes show up? Depending on the market, whether urban Chicago, suburban Chicago or rural areas surrounding Chicago, as goes Chicago, so goes Illinois. Nonetheless, it looks like there is at least 1 to 2 more years, but right now, some of the in-the-know folks are starting to sound the horn for 2014.
So, while indeed it is good news, it is not the Chicago Bears winning the Super Bowl, at least not yet :-)
Michael Hobbs, PahRoo Appraisal & Consultancy
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