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!!