Foreclosures Still High In Chicago
December 16th, 2009 categories: Chicago Info/News, Economic Recovery, For Homeowners, Foreclosures, Housing Market
The latest foreclosure numbers brought both good and bad news regarding the Chicago area. The bad news: Foreclosure filings are far higher than they were one year ago. The good news: They’re lower than they were one month earlier.
The Chicago Sun-Times recently ran a short story on the latest foreclosure numbers released by RealtyTrac, an online provider of real estate information.
According to RealtyTrac’s numbers, foreclosures were reported on 15,464 homes in the Chicago metropolitan area in November. That’s up a whopping 118 percent from the same month one year earlier. However, if you’re searching for better news, you’ll be relieved to know that foreclosure filings were down about 17 percent in November when compared to October of this year.
Taking a closer look at the Chicago area proper, foreclosure filings in November in just Cook County came in at 9,130, up 134 percent from one year earlier. The Cook County numbers, though, did drop when compared to October of this year, with the filings falling 21 percent from October to November.
Illinois’ foreclosure numbers as a whole mirrored the city’s: Across the state, 16,422 homes received foreclosure filings in November. That’s up 108 percent from November of 2008. It is, however, down 18 percent from October. Basically, one in every 319 homes in Illinois received a foreclosure filing in November.
What do these numbers tell us? To me, they show that while foreclosures are still a huge problem in Illinois and the Chicago area, the number of them is starting to drop. My hope is that the foreclosure numbers continue to drop in December, January, February and beyond. The housing market won’t truly recover, and neither will the economy, until the foreclosure rate drops to normal levels.
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Chicago is facing a complicated moment right now with this foreclosure high numbers. But for sure this is not only in this city, but in whole country unfortunately