Foreclosure Filings Increase

By Tim State in News on Jul 26, 2008 4:30PM

It’s not a surprise that Chicago is seeing the number of foreclosures on the rise. What is a surprise is the rate at which they are increasing. Second quarter comparative data was release yesterday:

Illinois’ foreclosure rate ranked it No. 10 in the country, with one foreclosure for every 193 households in the state. That marked a 16 percent increase from the previous quarter and a 58 percent jump from second-quarter 2007.

Chicago ranked 35 among the top 100 metro areas with 21,488 properties with foreclosure filings for a rate of one for every 144 households. That was up 22 percent from last quarter and 58 percent from second-quarter 2007.

One in every 171 U.S. Households is facing foreclosure. That’s an increase of 121 percent. Stockton, California, has it the worst, with one in 25 homes in foreclosure. [Crain’s]

Foreclosure photo by Joelogon.