This morning RealtyTrac released their U.S. Foreclosure Market Report for April 2010. The headlines will read that foreclosures dropped by 9% from the previous month but that’s at the national level. For Chicago and Illinois the story is very different. Illinois was one of 5 states with the dubious distinction of contributing more than 50% of the national total of foreclosures, and Chicago is a big part of that. Illinois foreclosures were up nearly 33%, while Chicago foreclosures were up 38% from March. Here is the long term trend in foreclosures for Chicago based upon the RealtyTrac data:
RealtyTrac also provides this neat graphic that shows foreclosure activity by zip code in the Chicago area:
As we’ve seen in the past the majority of the foreclosure activity in Chicago is in the periphery of the city and to the south, with the Lakeview area having one of the lowest rates.
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Here’s an interesting video made by Chicago high school students working with after school program called Community TV Network for anyone interested: