Jul
14

Mixed Chicago Real Estate Foreclosure News

July 14, 2011

The amount of foreclosures in the Chicago area, in Illinois and across the country went up and went down last month, according to RealtyTrac.

Let me explain. According to the group’s latest report, the number of metro Chicago homes that received foreclosure filings in June was 9,870.

While that is a 2.3 percent increase from May 2011, it’s also a 26.9 decrease from the numbers in June 2010.

Last month, one in every 383 Chicago-area homes was in some level of foreclosure. In Cook County alone, it was one in every 391.

Throughout Illinois, it was one in every 480 homes that received a filing last month. That ranks our state as No. 10 in the country for highest foreclosure rate.

foreclosure sign next exitStill, even though the 11,014 Illinois homes that received a filing last month was a 4.2 percent increase from May, those numbers are still 25.2 percent lower than they were last June.

Nationally, homes in foreclosure increased 3.6 percent from May to June to 222,740; that is a 29 percent decline from the same month last year and the ninth straight year-over-year drop.

But are these declines really good news?

“It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn’t appear to be the case.

“Processing and procedural delays are pushing foreclosures further and further out – we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later. This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number.”

When accounting for the first six months of 2011, foreclosure activity in Illinois fell 29 percent compared to the same time period last year, though our state still sits at No. 6 in the country with most foreclosures (60,636) in the first half of this year.

Across the nation, one in every 111 U.S. homes received at least one foreclosure filing in the first half of 2011 for a total of 1,170,402 properties. That is a 25 percent decrease from the last six months of 2010 and a 29 percent decline from the first six months of 2010.

Nevada is still struggling the most, with nearly 5 percent of all the state’s housing receiving a foreclosure filing in the first half of 2011. That comes out to one in every 21 homes.

Thankfully, that’s nowhere near the foreclosure numbers that Chicago real estate owners are experiencing.

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Tracey

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