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Chicago Home Foreclosures Rise Significantly

It seems the Chicago housing market has yet to hit bottom. The amount of foreclosures filed on homes in the Chicago metro area increased by almost 14 percent between December and January. This may be attributed to the resolution of problems with lender documentation, which previously prevented Chicago foreclosures from moving forward along with foreclosures nationwide.

The CEO of RealtyTrac explained, "Although overall foreclosure activity was down from a year ago for the 16th straight month in January (nationally), we continue to see signs on a local and regional level that the frozen-up foreclosure process is beginning to thaw."

According to the report by Realty Trac, 13,750 Chicago area homeowners received a notice of a foreclosure filing last month. This translates to one out of every 276 homes. The almost 14 percent rise since December is also a 13 percent jump from January 2011.

Statewide, foreclosure was initiated on 14,349 homes; an increase 13.5 percent from December and nine percent compared to January 2011. This is the first time during the past 12 months that Illinois saw a year-over-year increase in foreclosure filings. Only three other states: Florida, Pennsylvania and Indiana saw such a rise. Nationally, Illinois now ranks seventh in foreclosure filings.

Behind the statistics are real people facing the possibility of losing their homes. There are, however, options available to distressed homeowners. These include short sales, loan modifications, mortgage restructuring and bankruptcy. An attorney can provide information about the best options for your unique situation

Source: Chicago Sun-Times, Foreclosures in Chicago area rise in January, Francine Knowles, 16 February 2012

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