News Column

Chicago-area Foreclosure Down Sharply

August 13, 2013
Foreclosures in the Chicago area dropped by 36 percent compared to the previous period in 2012.

It's another promising sign that the Chicago area's housing market is on the mend, but still has a ways to go toward recovery.

In the six-county Chicago area, initial foreclosure filings during the first six months of the year fell by 36 percent from a year ago, to a level not seen since the second half of 2007, according to a data compiled by Woodstock Institute, a Chicago-based public policy and research organization.

Within the counties of Cook, DuPage, Kane, Lake, McHenry and Will, 22,342 foreclosures were started in the first half of the year. That compares with 34,978 filings in 2012's first half.

The areas with the largest declines in foreclosure activity included West Cook County, down 45 percent from a year earlier, and Cook County, down 40 percent. In Chicago, initial foreclosure filings fell 39 percent, to 6,021 cases started, from 9,922 filings in 2012's first half.

While fewer homes are entering the foreclosure process, activity at the other end of the pipeline "foreclosure auctions" continues. Through June, 16,332 homes completed the foreclosure process and went to auction, a decline of just 6.3 percent from the 17,432 a year ago, Woodstock said.

Source: (c)2013 the Chicago Tribune Distributed by MCT Information Services

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