Temperatures were not the only thing to set a record in Chicago in July, they were joined by foreclosure activity.
According to RealtyTrac Inc., Chicago-area foreclosure activity rose 35% in July compared to the prior month. As a result, the odds that a Chicago area properties is experiencing foreclosure is 1 out of 299.
Illinois was not far behind with a 30% rise in foreclosure activity.
“Recent foreclosure activity patterns vary significantly from state to state, often hinging on the level of dysfunction that exists in each state’s foreclosure process,” RealtyTrac Vice President Daren Blomquist said in the report. “In states like Florida, Illinois and New Jersey, where processing and procedural issues slowed foreclosure activity to a crawl last year, foreclosure numbers continue to rebound off those artificially low levels.”
Of course, the month to month numbers are not the best indicator of overall activity. Given the wide variation on a monthly basis, the better indication is the trending average of foreclosure activity, which in general is improving. Therefore, the volume of distressed real estate has not gone away but slowly, like a passing thunderstorm, it is showing signs of improvement.
Michael Hobbs, PahRoo Appraisal & Consultancy
Twitter @PahRoo
Position Available: Residential Real Estate Appraiser, Chicago or Suburbs
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