I've updated my Chicago foreclosure activity graph below with the October data from ATTOM Data Solutions' RealtyTrac Web site which came out late last week. October broke the trend of the previous 4 months which had shown a steady decline in activity. Each of the components was up from September but keep in mind that September set a record low in activity. Also, October activity in total was 23% lower than last year.
At least with bank repossessions up to a 4 month high we know that the backlog of foreclosures is being resolved.
Chicago Shadow Inventory
Speaking of resolving the backlog of foreclosures...when you look at the actual numbers in the graph below it doesn't look like we've made much progress from September. The "shadow inventory" is essentially unchanged at 7140 units, though it has been steadily trending downward in the long run. Just a reminder that we are now at less than 1/5th the level that we were at when I first started tracking this metric.
Gary Lucido is the President of Lucid Realty, the Chicago area's full service real estate brokerage that offers home buyer rebates and discount commissions. 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.