After several months in which Chicago foreclosure activity has drifted up June was relatively flat. Well, it was actually slightly higher than May but not by a significant amount. So, technically, it was at the highest level in 8 months. You can see this in the graph below, constructed from RealtyTrac data. RealtyTrac is a part of ATTOM Data Solutions, which did not release a formal foreclosure report this month but they do update their geographic data on the RealtyTrac Web site every month.
Overall Chicago foreclosure activity was still down about 9.2% in June from last year and the number of defaults (which feed the foreclosure pipeline) was at the lower end of the historic range so that’s good news.
Chicago Shadow Inventory
I also track the number of Chicago homes in some state of foreclosure in the graph below. These homes are known as shadow inventory because they are in the shadows waiting to hit the market at some point. As you can see we are near historic lows but recently there has been a slight upward drift, though the June inventory was actually a bit lower than May.
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.