Chicago Foreclosure Activity: Back To Normal
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.
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.
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.
#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.
Filed under:
Coronavirus, Foreclosures/ Short Sales, Market conditions
Getting Real On Facebook
Subscribe To Getting Real
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.
Recent posts
Chicago Foreclosure Activity: Back To Normal »
Real Estate Expert Home Price Forecast Not Yet Affected By Mortgage Rates »
Chicago Real Estate Market Update: 2nd Highest May Sales In 16 Years »
Case Shiller: Strong Chicago Area Home Price Growth Still Pretty Weak »
Fritz Kaegi Finally Fixed Cook County’s Broken Property Tax System »
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
Crib Chatter
Real Estate Decoded
Smart Mortgage Advice
The Real Deal – Chicago
Latest on ChicagoNow
Chicago Foreclosure Activity: Back To Normal
posted today at 7:27 am
The new gun bill is a good start, but that’s all it is
posted today at 6:11 am
Serena Ryder live in Ottawa, Ontario on June 25, 2022
posted today at 12:52 am
For Some Things, We Are Hardly at a Loss For Words
posted Sunday at 1:46 pm
A Look At The Week That Was. Donald Trump Emails Donny Jr.
posted Sunday at 10:17 am
Posts from related blogs
Real Estate Royalty
Most recent post: A Gold Coast Masterpiece, the Architect George Maher, and the Joffrey Ballet!
North Shore Real Estate Chatter
Most recent post: Top North Shore Luxury Home Sales in 2021
MCwriting
Most recent post: Travel in a “Post-Covid-19” World and How Businesses are Preparing for it
More from Lifestyle: Real Estate
Read these ChicagoNow blogs
Cubs Den
Pets in need of homes
Hammervision
Read these ChicagoNow Bloggers
Carole Kuhrt Brewer
Dennis Byrne
LeaGrover
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