Chicago Foreclosure Activity: Back To Normal

Chicago Foreclosure Activity: Back To Normal

Even without the foreclosure moratorium it doesn’t
look like we need to worry

I’d say it’s been around 10 months since Chicago’s foreclosure activity started to make a comeback but so far it’s no worse than it was just before the pandemic hit. I’m looking at the ATTOM May Foreclosure Market Report released a couple of weeks ago.

At the national level foreclosure activity was only up 1% from the previous month and Illinois and Chicago continue to rank among the top states and metro areas, respectively, for foreclosures. But Rich Sharga, executive vice president of market intelligence at ATTOM, speculates that inflation may trigger higher foreclosure rates as people’s budgets get stretched too thin.

Looking at their Chicago data in the graph below we have yet to exceed the foreclosure activity level of January 2020.

After a dramatic plunge following the pandemic foreclosure moratorium Chicago foreclosure activity has just now begun to resurge now that the moratorium has ended.

If you want to get a sneak peak at where foreclosures might be headed look no further than delinquencies as reported by Black Knight. Their April mortgage data actually shows a continued decline in delinquencies – very slightly down from March’s record low to a mere 2.8%. So no signs of a threat there.

The nation’s mortgage delinquency rate continues to improve and seems to have recovered from the pandemic, hitting new lows since the data has been tracked.

Chicago Shadow Inventory

For the 11th month in a row we’ve seen the number of Chicago homes at some stage of foreclosure rise. But, as you can see in the graph below, this “shadow inventory” remain at incredible historically low levels and is rising ever so slowly.

The number of homes in foreclosure in Chicago declined with the moratorium during the pandemic and doesn’t seem to be rising much since.

#Foreclosures #ChicagoForeclosures #Coronavirus

Gary Lucido is the President of Lucid Realty, the Chicago area’s full service real estate brokerage that offers home buyer rebates and discount commissions. If you want to keep up to date on the Chicago real estate market or get an insider’s view of the seamy underbelly of the real estate industry you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.

Enter your email address:Delivered by FeedBurner
Advertisement:
Advertisement:

Welcome to ChicagoNow.

Meet
our bloggers,

post comments, or

pitch your blog idea.

Getting Real On Facebook

Subscribe To Getting Real

 RSS Feed

Enter your email address:

Delivered by FeedBurner


Google

Meet The Blogger

Gary Lucido

After 20 years in the corporate world and running an Internet company, Gary started Lucid Realty with his partner, Sari. The company provides full service, while discounting commissions for sellers and giving buyers rebates.

Featured Posts

How Realtor’s Lie To Get Your Business
The #1 Myth About Selling Your Home
The #2 Myth About Selling Your Home

Tags

market conditions (589)
Chicago home prices (240)
Case Shiller index (153)
Chicago foreclosures (139)
industry issues (92)
Chicago monthly real estate market update (92)
real estate agents (66)
Chicago real estate market (64)
foreclosures (60)
Neighborhood news (59)

Monthly Archives

June 2022
May 2022
April 2022
March 2022
February 2022
January 2022
December 2021
November 2021
October 2021
September 2021
August 2021
July 2021
June 2021
May 2021
April 2021
March 2021
February 2021
January 2021
December 2020
November 2020
October 2020
September 2020
August 2020
July 2020
June 2020
May 2020
April 2020
March 2020
February 2020
January 2020
December 2019
November 2019
October 2019
September 2019
August 2019
July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010

Blogroll

Getting Real’s favorite blogs

Crib Chatter
Real Estate Decoded
Smart Mortgage Advice
The Real Deal – Chicago

Latest on ChicagoNow

Chicago Foreclosure Activity: Back To Normal

from Getting Real by Gary Lucido
posted today at 7:27 am

The new gun bill is a good start, but that’s all it is

from I’ve Got The Hippy Shakes by Howard Moore
posted today at 6:11 am

Serena Ryder live in Ottawa, Ontario on June 25, 2022

from Eye Tunes by Bare1000
posted today at 12:52 am

For Some Things, We Are Hardly at a Loss For Words

from The Amused Curmudgeon by badjack
posted Sunday at 1:46 pm

A Look At The Week That Was. Donald Trump Emails Donny Jr.

from Getting More From Les by lesraff
posted Sunday at 10:17 am

Read these ChicagoNow blogs

Cubs Den

Chicago Cubs news and comprehensive blog, featuring old school baseball writing combined with the latest statistical trends

Pets in need of homes

Pets available for adoption in the Chicago area

Hammervision

It’s like the couch potato version of Mr. and Mrs. Smith.
Advertisement:

About ChicagoNow

FAQs

Advertise

Recent posts RSS

Privacy policy (Updated)

Comment policy

Terms of service

Chicago Tribune Archives

Do not sell my personal info

©2022 CTMG – A Chicago Tribune website –
Crafted by the News Apps team

Read More

Leave a Comment

Your email address will not be published. Required fields are marked *