Foreclosure activity in the Chicago area soared in February compared with its pace a year ago, according to a new report.
RealtyTrac reported Thursday that 11,582 properties within the seven-county Chicago area received foreclosure notices last month, a decline of 11 percent from last month. But on a year-over-year basis, foreclosure activity jumped 42 percent.
In Cook County last month, 3,106 mortgage holders were notified that their properties had fallen into default and foreclosure proceedings had begun. Another 1,894 properties were scheduled for court-supervised auction while 2,045 became bank-owned. That level of activity was a drop of 17 percent from January but 51 percent greater than February 2011.
Nationally, the number of foreclosure filings dropped 2 percent from January and was 8 percent lower than in February 2011.
The report noted that 21 states posted annual increases in foreclosure activity, which was the highest number of states with annual increases since November 2010.
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