Chicago Area Foreclosures Rise 27 Percent
By Chuck Sudo in News on Jul 12, 2012 4:40PM
Yesterday we wrote about real estate website Zillow ranking the Chicago area as the top major market in the nation for home buyers based on how long homes are staying on the market and the negotiating power buyers have from that. Today we look at the flip side of that coin.
While people looking for homes may be finding deals, still more homes are falling into foreclosure. In fact, foreclosure filings in the Chicago area continue to grow. The seven counties that make up the greater Chicago area filed a combined 6,952 foreclosures last month, according to data from RealtyTrac (per the Tribune). That's a 27 percent increase over June 2011, but a decline over May 2012. Second quarter foreclosures totaled 18,927 for the greater Chicago area, an increase over the first quarter numbers of 14,704 and the 16,676 foreclosures in 2Q 2011.
Illinois overall saw a 22 percent increase in foreclosures compared to this point a year ago.