Mixed news on foreclosure filings
by francine knowles Business Reporter firstname.lastname@example.org December 13, 2012 7:44AM
A foreclosure sign stands on top of a sale sign outside a home. | The Associated Press
Updated: January 14, 2013 7:26AM
The number of homes in the Chicago metropolitan area hit with foreclosure filings fell 9.4 percent in November from October, but rose 2.8 percent from November 2011 — the 11th straight year-over-year increase, the latest RealtyTrac report showed.
There were 12,406 homes hit with foreclosure filings last month, down from 13,690 in October and up from 12,064 in November 2011.
One in every 306 homes in the area received a filing last month.
The report revealed foreclosure starts in the Chicago area fell 29 percent in November from October and dropped 24.4 percent from November 2011, but the drop-off may be short lived.
“It appears much of that drop is due to a 60 percent month-over-month drop in Bank of America foreclosure starts,” said RealtyTrac Vice President Daren Blomquist. “We saw a similar drop in BofA foreclosure starts in some other states in November as well, which could indicate this is more of a one-month anomaly rather than a long-term trend.”
The number of bank repossessions jumped 30 percent from November 2011 and was up 14 percent from October.
Foreclosure filings had been delayed here and across the country last year due to documentation improprieties that have since been resolved.