Chicago foreclosures up from year ago, down for the month
BY DAVID ROEDER Business Reporterfirstname.lastname@example.org October 10, 2012 11:02PM
Updated: November 12, 2012 12:02PM
Foreclosure filings in the Chicago area rose 25 percent in September from a year ago as lenders played catch-up in trying to get homes off their books, a report by RealtyTrac showed Thursday.
The local results fit with a pattern shown statewide. Foreclosures in Illinois rose 23.36 percent in September compared with a year ago but fell 20.77 percent from August 2012, RealtyTrac said.
With a statewide rate of one foreclosure for every 376 homes, Illinois in September had the third-highest foreclosure rate in the nation. In August, the state’s ranking was No. 1 in the country.
Nationally, foreclosure activity fell to a five-year low in the RealtyTrac data, but that was because of declines in 24 states that mostly use a non-judicial process for properties in default. States that require a judicial review, usually a slower process, registered the largest increases.
Besides Illinois, these states included Indiana, where year-over-year foreclosures increased 39.77 percent, and Florida, Ohio, New Jersey and New York.
Missing documents and “robo-signing” scandals forced foreclosures to slow to a crawl in many states. Last year, states such as Illinois that use judicial reviews were especially affected, said Daren Blomquist, vice president at RealtyTrac.
The company’s data showed that in the 14-county Chicago area, running from southern Wisconsin through northwest Indiana, September foreclosures hit 13,121 homes, up 25.26 percent from a year ago but down 18.97 percent from August 2012.
Foreclosures in Cook County were up 18.37 percent year-over-year in September and down 20.14 percent from August.
Nationally, foreclosures in September involved 180,427 properties, a 16 percent decrease from September 2011 and down 7 percent from August.