Foreclosure, delinquency rates rise in Chicago metro area

Foreclosure rates in the Chicago-Joliet-Naperville CMSA have increased for the month of January over the same period last year, according to newly released data from CoreLogic.

The CoreLogic data reveals that the rate of Chicago-Joliet-Naperville area foreclosures among outstanding mortgage loans is 6.35 percent for the month of January 2012, an increase of 0.57 percentage points compared to January of 2011 when the rate was 5.78 percent. Foreclosure activity in Chicago-Joliet-Naperville is nearly double the national foreclosure rate which was 3.43 percent for January 2012, and up sharply from two years ago when the rate was 4.08%.

Also in Chicago-Joliet-Naperville, the mortgage delinquency rate has increased. According to CoreLogic data for January 2012, 10.69 percent of mortgage loans were 90 days or more delinquent compared to 10.44 percent for the same period last year, representing an increase of 0.25 percentage points. The January 2012 rate was identical to the January 2010 rate.

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