Industry News

Foreclosures accelerate in some areas

Job cuts, falling property values, rising interest rates to blame

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel 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. 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, 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 helped drive 3,074 homes in Massachusetts into foreclosure in the last 60 days, reports. Home prices in Massachusetts are off about 4 percent from their 2005 peak, the company said. Th...