RealtyTrac did not release a Foreclosure Market Report for August. I believe they're only doing it once per quarter now that the story doesn't change that much from one month to the next. Nevertheless, they updated their data for Chicago, which I have incorporated in my Chicago foreclosure activity graph below.
Total foreclosure activity in Chicago ticked up from July within all three components but none of those components changed all that much. Yet, overall activity is still down by 16% from a year ago and you can see in the graph below that we are bouncing around near the all time lows. And a good chunk of the increase in the last month is coming from an increase in bank repossessions and auctions, which represent a resolution of foreclosures, so that's actually good news.
Chicago Shadow Inventory
Well, at least Chicago's shadow inventory declined by a very small but perceptible amount in August. The number of Chicago homes in foreclosure is getting ever closer to the magic 10,000 number but, as you can see in the graph below, it really looks like the level has flattened out again. At the recent rate of decline we are probably still 3 months away from crossing the threshold. But we've clearly made a ton of progress from the nosebleed levels of early 2013.
Gary Lucido is the President of Lucid Realty, the Chicago area's full service discount real estate brokerage. If you want to keep up to date on the Chicago real estate market, get an insider's view of the seamy underbelly of the real estate industry, or you just think he's the next Kurt Vonnegut you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.