Last week ATTOM Data Solutions updated their RealtyTrac Web site with the November statistics and I've incorporated their Chicago data in the graphs below. Overall foreclosure activity in Chicago was at the very low end of the historic range as you can tell, and 19.1% lower than last year. No single category of activity was responsible for the drop.
Chicago Shadow Inventory
Oddly, there was an enormous drop in the backlog of homes in foreclosure in Chicago - see the graph below. 1367 homes disappeared from the rolls, which doesn't really make sense. We see this kind of drop periodically without explanation and it's not like there was a surge in auctions or bank repossessions that would explain it. My theory is that some data provider periodically cleans up their database and old, obsolete records get purged. I don't think it's an error because, typically, the number stays down subsequently.
So we are currently at just under 6000 homes in the shadow inventory. Compare that to more than 37,000 homes when I first started tracking this.
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.