RealtyTrac released their September Foreclosure Market Report this morning and it shows continued flattening of foreclosure activity for both the nation and the Chicago area. In the graph below Chicago foreclosure activity has not changed much in the last 3 months. In fact, as I noted last month, overall volatility of these numbers is way down lately. However, there was a slight uptick in default activity from August - up 18.4% - but that's just normal variation.
This RealtyTrac market report also summarizes the third quarter activity, during which Chicago came in at #19 among the top 20 metro areas in foreclosure activity, with one out of every 208 housing units with a foreclosure filing.
RealtyTrac's national data goes back further than my Chicago foreclosure data so it provides a much better perspective on where we've been. As you can see in their graph below activity is way down from the peak but still not quite as low as it was in the 2005 time period. In fact, it's probably 30% higher than those levels still. Could that mean that Chicago still has further to fall?
The RealtyTrac foreclosure market report goes on to point out that September was "the 48th consecutive month where US foreclosure activity declined on a year over year basis."
Chicago Shadow Inventory
When we look at the backlog of Chicago foreclosures waiting to be cleared out we can see how that is also flattening out. We're still working through them at a rate of about 600 units per month but that's down considerably from the rate of 1000+/ month a year ago.
#realestate #chicagorealestate #foreclosures
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