RealtyTrac recently released their October foreclosure data and it shows a continued upward trend in activity for Chicago. October foreclosure activity was up only 5% from September but if you look at the 2010 graph below you can see that foreclosure activity has been on an upward trend since early in the year.
The activity was way below last year’s level but I’m not sure this is significant because I see no reason for foreclosure activity to be seasonal – i.e. October shouldn’t be any different than any other month.
In addition, the percent of Chicago home sales in foreclosure was preliminarily reported at 27% but that percentage always rises over the ensuing months as more data is collected. In fact, I think I’ll start adjusting these preliminary numbers next month to reflect where I think they will probably end up. I would estimate that October will ultimately end up north of 32%. Remember that I have previously reported that 39% of all October Chicago home sales were distressed – either short sales or foreclosures.
