Chicago Foreclosure Sales A Smaller Factor In June

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.

Chicago Foreclosure Sales
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.

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