ForeclosureS.com says property foreclosures are accelerating in the Midwest, Southeast and New England for different reasons. The company, which tracks foreclosures in 946 counties, says foreclosure rates in the Midwest remain above the national average because of the region's dependence on manufacturing. ForeclosureS.com reports that more than half of the 27,000-plus properties in foreclosure in Illinois are in Chicago's Cook County, where foreclosures jumped 57 percent in April, followed by another 4 percent increase in May. In Michigan, ForeclosureS.com cites auto plant closures and rising interest rates as a one-two punch contributing to more than 10,000 foreclosures this year. In New England, rising energy costs, a flat housing market and interest rate hikes are factors that h...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.