August Chicagoland Foreclosure Activity Decreases Significantly

By
Real Estate Appraiser with PahRoo Appraisal & Consultancy

For the last few years, the Chicago area has shown some frightening foreclosure activity, but the last few months have been a different story.  According to RealtyTrac.com, the Chicago area has dropped nearly 60% from August 2012 to August 2013.

RealtyTrac defines the Chicagoland area as, the South-East Wisconsin border down to the North-West Indiana border. 

In August 2013 alone, 6,674 properties were given notice of foreclosure.  This is a 5.7% decline from July.  When compared to August 2012, the decline in foreclosure activity was 59% for the entire Chicagoland area.

An interesting twist to the RealtyTrac announcement is that Cook County itself actually increased in activity, accounting for 4,078 notices.  Cook County was 7% higher in foreclosure activity in August than in July, 2013. However, the increase in activity was not due to foreclosure starts, but the final stages of foreclosure, whether it was the final judgment assigning an auction date, or the sale itself.   

August 2013 delivered the lowest numbers in foreclosure activity since the end of 2005.   .   This is in line with national activity which decreased 34% from August 2012.

 

So no matter how you look at it, foreclosure activity in Chicago is still beating, albeit at a slower pace.  

http://www.pahroo.com/August+Chicagoland+Foreclosure+Activity+Decreases+Significantly

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Kristin Hamilton CA Realtor
Sun Lakes Realty - Banning, CA
(909) 557-6966- Specialize 55+ Communties Banning

Hi Michael,

My area in San Bernardino County was one of the hardest hit areas these past 5 years and our numbers are lower on foreclosures and much higher on successfully closed short sales. It is a true sign the market is recovering and people are again able to make their house  payments. Thanks for the good news.

Sep 20, 2013 11:13 PM #1
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Michael Hobbs

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