Markets & Economy

Chicago foreclosures slide along with the rest of the country

Month-over-month and year-over-year foreclosure rates dropped in Chicagoland
  • In new RealtyTrac numbers, 2015 ended on a high note for foreclosures, and things only got better in January.
  • In Chicagoland, the metro ranked 35th in the country for foreclosures.
  • The only areas in the nation with rising foreclosure rates are experiencing localized economic problems.

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According to recent data provided by RealtyTrac, the foreclosure crisis in America is well on its way to being over. While there are certainly still pockets where foreclosures are still taking place, the mass casualties are over. Expressed as a percentage of all the homes in the U.S., 0.82 percent of all U.S. housing units (one in every 122) had at least one foreclosure filing in 2015. That’s the second consecutive year where the annual foreclosure rate has been below 1 percent of all U.S. housing units. And, things are looking good for Chicagoland. Foreclosure starts across the country reached a 10-year low in 2015. A total of 569,835 U.S. properties started the foreclosure process in 2015, down 11 percent from 2014 and down 73 percent from the peak of more than 2.1 million foreclosure starts in 2009. The Chicago-Naperville-Elgin, IL-IN-WI MSA ranked 35th in the country when foreclosures are measured versus the number of overall housing units in an MSA. The ra...