Chicago-area foreclosures jump 34% in third quarter
STAFF REPORTS October 25, 2012 7:18AM
Updated: October 25, 2012 12:52PM
Chicago-area foreclosures increased by 34 percent in the third quarter, although they dropped in most other metro areas around the country.
RealtyTrac, a home foreclosure tracking firm, said the Chicago area tied with Philadelphia for the third-largest increase in foreclosures among major metro areas. Only New York, with a 69 percent increase, and Tampa, at 49 percent, had bigger jumps in foreclosure activity.
Foreclosures dropped in 131 out of the nation’s top 212 metro areas, lead by San Francisco, which had a 36 percent drop.
“Two-thirds of the nation’s largest metros posted decreases in foreclosure activity in the third quarter, indicating that most of the nation’s housing markets are past the worst of the foreclosure problem,” Daren Blomquist, vice president at RealtyTrac, said in a statement.