Chicago area foreclosure filings spike in May
BY FRANCINE KNOWLES Business Reporter email@example.com June 14, 2012 9:36AM
Updated: July 15, 2012 3:35PM
Foreclosure filings in the Chicago metropolitan area spiked 56.2 percent in May from a year earlier and rose 27.3 percent from April, according to RealtyTrac’s latest report.
The area had the fourth-highest foreclosure rate in the country, and May marked the fifth straight month of year-over-year increases. Foreclosure filings hit 15,066 homes in the area last month — one in every 252 homes.
A rise in foreclosures was forecast this year as documentation issues that had slowed foreclosures here and across the country are resolved. “Lenders are pushing through many of the delayed foreclosures,” RealtyTrac spokesman Daren Blomquist said. In Illinois, 16,318 homes received filings, up 54.3 percent from May 2011 and up 28.9 percent from April. One in every 325 homes received a filing last month, ranking the state the fifth worst in the country.
Nationally, foreclosure filings fell 4.2 percent from May 2011 and rose 9.1 percent from April.