Chicago Foreclosure Activity May Be Trending Downward

For the first time this year it appears that maybe Chicago foreclosure activity is beginning to trend downward. This according to the most recent data released by RealtyTrac as part of their November Foreclosure Activity Report. In the graph below, compiled from previous RealtyTrac releases, you can see that defaults and even bank repossessions have remained fairly stable and even declined somewhat. What has been increasing are the auctions as distressed homes move through the pipeline from the default stage to the auction stage.
Chicago Foreclosure Activity
At the national level foreclosure starts hit a 71 month low as shown in the graph below. Commenting on this picture, Daren Blomquist, vice president at RealtyTrac, said that this is

…more evidence that we are past the worst of the foreclosure problem brought about by the housing bubble bursting six years ago. But foreclosures are continuing to hobble the U.S. housing market as lenders finally seize properties that started the process a year or two ago — and much longer in some cases. We’re likely not completely out of the woods when it comes to foreclosure starts, either, as lenders are still adjusting to new foreclosure ground rules set forth in the National Mortgage Settlement along with various state laws and court rulings.

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