After steady declines over the last few years Chicago foreclosure activity has recently shown an uptick. That's what recent foreclosure data released today by ATTOM Data Solutions, parent company of RealtyTrac, shows. I have the historic data graphed below and you can see a gradual upward drift the last few months. While it's still true that foreclosure activity in Chicago is down from a year ago May had the highest total level in 7 months. The most alarming data point was that defaults reached a 2 year high, where defaults are the first stage of foreclosure.
In their May Foreclosure Market Report ATTOM Data Solutions also listed Illinois as one of the top 5 states in foreclosure rates. Isn't it wonderful to be at the top?
Chicago Shadow Inventory
Chicago also experienced another increase in the number of homes in some stage of foreclosure. That brings us to a 7 month high after a suspiciously large drop in November so I can't help but wonder if it's some kind of data anomaly. But check out where we are now vs. the last couple of years in the graph below as a better indicator of the long term trend. Maybe we'll soon resume the long term trend down.
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 or get an insider's view of the seamy underbelly of the real estate industry 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.