Now that the official home sales for Chicago are out and the RealtyTrac foreclosure sales for June have seasoned for a while I feel comfortable sharing the data below on the trend in the percentage of Chicago home sales that are foreclosures.
As you can see, foreclosures peaked in January at a bit more than 42% of all sales – a rather astonishing number. However, the portion of home sales that are foreclosures has steadily declined since then, reaching a new low of a bit more than 15% in June. As the June data ages a bit more that percentage is likely to rise a bit but it shouldn’t gain more than a couple more percent. June had the lowest percentage in our historic record, which only goes back 12 months. With our limited data we can’t really develop a seasonal pattern yet but the fact that June foreclosure sales were also down in absolute terms indicates that we are not just seeing a seasonal pattern here.