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Report Finds Foreclosures Dropping in Chicago and Nationwide

Lake County foreclosure lawyersThe real estate market is a complex combination of factors.  However, it generally reflects the overall economic health of the country. When the economy is healthy, the real estate market does well, but when economic growth slows, there is usually a corresponding slowdown in home sales and new mortgages. In such situations, foreclosures generally increase as well.

With all of this mind, a recent report indicates that the economy is likely to be doing well, as the number of properties in foreclosure around the country has dropped fairly substantially compared to the same time last year. In the greater Chicago area, defaults, foreclosure filings, and lender repossessions have also decreased.

A Look at the Numbers

Last month, ATTOM Data Solutions released the Midyear 2019 U.S. Foreclosure Market Report that tracked foreclosure activity throughout the United States for the first six months of 2019. The report found that just under 300,000 properties are in some stage of the foreclosure process, a drop of 18 percent compared to the mid-year report from 2019. This figure represents the lowest level of foreclosure activity in the last 12 years. The 2019 number is a staggering 82 percent decrease from the first half of 2010 in which 1.65 million properties had foreclosure filings.

Despite the national decrease, several metropolitan areas actually saw an increase in foreclosure activity. The report found Buffalo, NY, to up 33 percent, Orlando, FL to be up 32 percent, and Jacksonville, FL, to be up 18 percent over last year.

The Chicago area, however, was one of many cities that followed the overall trend. Foreclosure activity in Northern Illinois dropped by roughly the same percentage as the national average between mid-year 2018 and mid-year 2019. Chicago foreclosures are around the lowest that they have ever been. Experts predict that foreclosures will remain low in the region for at least the near future.

Average Time to Complete Foreclosure

As part of the study, ATTOM looked at the average number of days it takes to complete the foreclosure process. The 2019 report found that the average foreclosure is completed in 716 days. This figure is comparable to the figure from the same time last year, but it represents nearly a 30 percent drop from the third and fourth quarters of 2017.

What Does This Mean for Borrowers?

While studies such as this one are useful for those who take a wider view of the real estate market, they matter very little to homeowners who are struggling to make their mortgage payments on time. The good news, however, is that when lenders are dealing with fewer foreclosures overall, they may be more likely to offer delinquent borrowers extra time or additional options for bringing their accounts current. Lenders with a higher number of delinquent loans often cannot afford to hold on to risky mortgages.

Call a Lake County Foreclosure Lawyer

If you have fallen behind on your mortgage and are in danger of foreclosure, it is important to take action right away. Contact an experienced Libertyville foreclosure defense attorney to discuss your available options. The team at Newland & Newland, L.L.P. has helped many clients in Northern Illinois avoid foreclosure, and we are ready to help you and your family. Call 847-549-0000 for a free consultation.

 

Sources:

http://www.chicagonow.com/getting-real/2019/08/chicago-foreclosure-activity-hits-new-lows/

https://www.attomdata.com/news/market-trends/mid-year-q2-2019-foreclosure-market-report/

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