It looks like foreclosure activity continues to putter along in Chicago at levels that are low relative to the past couple of years. This according to RealtyTrac’s May Foreclosure Market Report, which does not offer an explanation this time as to the low levels being seen across the country. I think you can only “blame” this on the processing delays for so long. I’m beginning to wonder if maybe there isn’t something more fundamental going on here.
There are a couple of other items of interest from this report. First, scheduled auctions in Illinois surged 47% in May – again no explanation. And second, Illinois is in the top 10 states in terms of foreclosure rates. Go Illinois!!
The incompetence of banks is legendary.
Gary – I believe on your old blog you posted a spreadsheet approx a yr ago that had each residential building in Chicago and something to do with either the number of foreclosures or delinquent assessments. I remember when you posted it that it made small waves and got picked up by a couple of other blogs. I searched all over your different blogs and twitter stream to no avail. Do you know what I’m talking about?
I can’t remember anything quite like that, though it sounds like an interesting exercise. I certainly would not have access to delinquent assessments.
However, I wonder if you’re thinking of the spreadsheet that contained the do not lend list. That got picked up by a few other blogs: http://www.chicagonow.com/blogs/chicago-real-estate-getting-real/2010/12/why-a-mortgage-may-be-hard-to-get-the-no-lend-list.html