Chicago Foreclosure Rate Increases

October 30, 2012

chicago real estate foreclosure increasesThe Chicago foreclosure rate has increased 34 percent in recent months, according to RealtyTrac, a website that lists distressed properties. Real estate in Chicago had the ninth-highest foreclosure rate in the U.S. with a total of 38,667 foreclosure filings in the area.

Though this number may seem alarming, RealyTrac believes the high rates could be a good sign. The area housing market can not move forward and be truly successful unless these properties are dealt with in an appropriate manner.

It is expected that foreclosure rates will begin to stabilize towards the end of 2012, which is when lenders are able to catch up on their backlog. Foreclosures are also easier dealt with today as opposed to in the past because banks are focused on implementing ‘foreclosure alternatives.’ These alternatives come in the form of refinancing and loan modifications.

The Chicago foreclosure rate is also higher than average because Illinois is a state where a foreclosure must be finalized through courts. Usually, any state with a judicial-based foreclosure process will have higher than average rates of foreclosure.

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