I had trouble getting the Chicago foreclosure activity data last month since RealtyTrac changed their Web site and no longer provides the data I have been using – at least not for free anymore. However, ATTOM Data Solutions has graciously agreed to continue to provide that data so I was able to catch up this month.
The truth is that we didn’t miss much. My graph below shows that Chicago foreclosure activity remains low in light of the foreclosure moratorium still in place. However, abandoned and vacant properties are still fair game so some activity continues. In fact, April hit a one year high in activity and May wasn’t too far behind.
Here is ATTOM Data Solutions’ May US Foreclosure Market Report released last week.
Since we last checked in on Black Knight’s Mortgage Monitor report delinquencies have dropped dramatically in the last couple of months as you can see in the graph below. This bodes well for future foreclosure activity.
Chicago Shadow Inventory
After spiking up in March (was that real?) the number of Chicago homes in the foreclosure process has once again hit a new low – down 700 units from March. Since the vast majority of these homes are not currently for sale, but could be at some point in the future, we refer to them as shadow inventory.
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.