DataMarkets & Economy

Chicago holds higher percentage of foreclosures compared to rest of state

Chicago saw over 6,000 foreclosures in the past year, CoreLogic says
  • The national foreclosure rate (0.9 percent) is the lowest in nearly a decade.
  • Illinois’ foreclosure inventory reached 1.1 percent of all mortgaged homes as of July.
  • Chicago's foreclosure inventory dropped 32.6 percent annually.

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After years of consistent improvements, the national foreclosure rate is at its lowest level in nine years, according to CoreLogic’s July 2016 National Foreclosure Report. Thanks to loan modifications, a healthy labor market and upward housing trends, just 0.9 percent of mortgaged homes are in some state of foreclosure – the lowest rate announced since August 2007. “The U.S. Treasury’s Making Home Affordable program has contributed to the decline through permanent modifications, forbearance and foreclosure alternatives, which have assisted 2.5 million homeowners with first mortgages at risk of foreclosure since 2009,” CoreLogic Chief Economist Frank Nothaft said in a statement. In July 2016, 34,000 homes completed the foreclosure process, down 16.5 percent year-over-year and 3.9 percent from the month prior. The serious delinquency rate in the U.S. sat at 2.9 percent, the lowest since May 2016, according to the report. National foreclosure inventory is down...