Apr
14

A Mixed Bag of Foreclosure News

April 14, 2011

This foreclosure report is all over the place.

RealtyTrac has released its U.S. Foreclosure Market Report for the first quarter of the 2011 to show that foreclosure filings fell 15 percent from the last quarter of 2010 and 27 percent from the first quarter of 2010.

Yay!

Locally, however, the picture isn’t as pretty. In the Chicago area, 10,821 homes received a foreclosure filing in March, a 23 percent increase from February. Foreclosure filings include default notices, scheduled auctions and bank repossessions.

house with a foreclosure sign in frontFor the first quarter of 2011, the Chicago area sat at No. 36 in the country for highest rate after 30,172 homes received a filing. That’s one in every 125 homes.

Boo.

Still, that’s a 22 percent drop from the previous quarter and a 28 percent decrease compared to the same quarter last year.

Yay!

Statewide, 12,053 Illinois were in the foreclosure process in March, a 25 percent increase from the previous month. Compared to the same month last year, however, that number fell by 15 percent.

Still, Illinois is No. 10 in the country for states with the highest foreclosure rate.

Boo.

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

In Illinois, one in every 160 homes received a foreclosure notice during the first quarter of 2011 for a total of 20,991.

Nationwide, it was one in every 191 or 681,153 U.S. properties.

Of those, 197,112 received default notices for the first time; a 17 percent decrease from the previous quarter and a 35 percent drop from the first quarter of 2010.

And, while foreclosure filings increased 7 percent from February to March, the 239,795 U.S. homeowners that reported a foreclosure filing last month is 35 percent lower than the 367,056 that were in the foreclosure process in March 2010, the month with the highest total in the history of this report.

Phew.

About The Author

Tracey

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[...] Chicago real estate market is one of the hardest hit in the country when it comes to home foreclosures, which can mean [...]

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