RealtyTrac just released their foreclosure stats for September and it shows that Chicago foreclosure activity continues to run way ahead of 2009. To be exact, September activity was 69% higher than last September, though it was actually down slightly from July and August. However, at this point I don’t have any reason to believe that foreclosures should be a seasonal phenomenon so I’m not sure these year over year comparisons are relevant.
In addition, RealtyTrac released their preliminary September foreclosure sales data. I say “preliminary” because as they collect additional data these numbers rise over the course of the next month. At this point they are reporting that almost 24% of September sales were in some stage of foreclosure.That number will probably ultimately rise to 29% or so. However, as I previously reported, we already know that a whopping 44% of September sales were distressed properties – either bank owned or short sales. Since I pulled those numbers myself I have greater confidence in them.