A couple of weeks ago ATTOM Data Solutions released their May 2020 US Foreclosure Market Report and updated the RealtyTrac data. Once again it reflects the outsized impact of the government’s mandated moratorium on foreclosures during the Covid-19 pandemic. At this point the data is almost meaningless because it’s artificially depressed. Looking at the graph below you can see (Well, you really can’t see. You just need to take my word for it.) that we hit an all time low along all three components of foreclosure activity.

As Ohan Antebian, General Manager of RealtyTrac, said:

The foreclosures industry in the United States remains on hold right now, mainly because of the moratorium imposed by Congress on lenders pursuing delinquent homeowners who have federally backed mortgages. The temporary ban, in place until June 30, has helped drive down the number of foreclosure cases to historically low levels and forced lenders to sit tight. When it’s lifted, lenders will be able to decide how fast to pursue these cases, which will have a ripple on all the ancillary activity connected to foreclosures. That will likely mean a surge of work for real estate lawyers, process servers, courts and others. But for now, the industry is running in place.

Chicago foreclosure activity plunged to unheard of record lows in the wake of pandemic policies aimed at softening the economic blow to struggling homeowners.

Mortgage delinquencies continued to surge in May but this is not reflected in the foreclosure data because of the moratorium. On the other hand, we appear to be turning the corner because the number of properties in forbearance appears to be declining in the last few weeks.

Chicago Shadow Inventory

Despite the decline in foreclosure activity, somehow, the number of homes in foreclosure continues to decline. And the decline is somewhat greater than what can be explained by activity in the final stages of the process. I can’t explain that so I’ll just chalk it up to some kind of data lag or other anomaly.

Chicago’s shadow inventory of homes in foreclosure is less than 1/8 of what it once was.

#Foreclosures #ChicagoForeclosures

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.

I never met my paternal grandfather. He died in 1946. I was born in 1952. Missed him by six years.

Circle of Life.

My two daughters never met their paternal grandfather. He died in 1982. They were born in 1990 and 1992. Missed him by eight and ten years.

Circle of Life. 

I’ve been told my grandfather was a wonderful man. He married my grandmother when she was a widow with five children. I can vouch for my father. I know he would have loved and spoiled my two girls, as well as his other grandchildren. What a shame none of this happened. We all missed out!

Circle of life.

My youngest daughter and her husband are having their first child this September. It’s a boy! If I can make until then, and it’s looking pretty good, This baby will get to meet his paternal grandfather. I can’t wait to get the spoiling started!

We’re going to beat that damn Circle of Life!

Happy Grandfather’s and Father’s Day to all.

Related Post:Happy Father’s Day, Grandpa. Thanks for hooking up with grandma

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While digging through some bins of the sort of personal items that we can’t bring ourselves to throw away, yet look at every half decade or so, I came across a scorecard from a 1990 Cubs game. It’s cardboard, with two pictures of Mark Grace, and a Jays potato chip ad on the front. On the inside is the space to keep score, along with rosters for both teams.

It’s minimalist compared to the glossy, colorful, photo-packed publications available at games today. And if I remember correctly, it cost a buck. Maybe fifty cents. I can still see and hear the old guy who used to stand inside the right field gate and shout, “Pencils! Scorecards! Yearbooks!”

I often kept score at games, but not on that day. At least, not on that scorecard. It’s possible we got another scorecard on which to keep score, but I had something more important in mind that day. Autographs.

After the game, my dad promised that we could wait by the players’ parking lot and try to get some autographs. So we waited for the crowd to file out, and made our way to the triangle along the third base side of Wrigley, where Gallagher Way is today. We stood along the fence, and after a while, some players started coming out.

Doug Dascenzo signed before getting into a minivan with his wife. Dwight Smith signed and then got into his Mercedes. He had wipers on his headlights, which I thought was the coolest thing ever. Mark Grace signed, and I noticed right away that his autograph looked like “Mr Jose.”

I stood mesmerized as I watched player after player come out, get into their cars and drive away.

All of that came back to me in an instant as I saw the scorecard in that plastic bin.

I was that twelve-year-old kid again, the memories as vivid as if they’d happened yesterday, rather than 30 years ago.

I have a good memory. Dates, places, events. I can usually keep them straight. Inevitably, after I recall something like the events surrounding that scorecard, I think of how it came to be. And I can’t count how many good memories from the first half of my life thus far came to be thanks to my parents.

I’ve written about how I hit the mother jackpot before. But I somehow ended up with a fantastic father, as well.

Now that I’m a father, I’ve done pretty well by just emulating him. He has shaped and influenced my life in ways large and small, and I’m a good father to my kids, in part, because he’s been such a good father to me.

I’ve got countless memories like that Cubs scorecard because he gave me his time and attention, two things for which there are no substitute.

The big memories (Cubs games, Cubs conventions, vacations) are overshadowed only by the day-to-day commitment to being a good father, and a good person, which manifests in a million different ways.

He showed me the importance of hard work. He showed me the innate morality in treating everyone equally. In supporting your loved ones, no matter what.

Besides showing me how to be a good dad, he shaped me in smaller ways. I have the same interest in history and trivia. Looking at road maps with him during my childhood is part of the reason I’ve been interested in them throughout my life. And, of course, there’s baseball, and the Chicago Cubs.

But his greatest gift to me has been the memories he helped me create. Not only do I get to enjoy and relive moments again, but I can recall how I felt, and then figure out how to create that same feeling in my own children.

Whether it’s going outside to play catch after getting home from work. Or standing in line for five hours so my son can play a new video game for five minutes. Or not missing games, concerts, and recitals.

Parenting can be difficult. But having a rock-solid template to follow makes it much easier.

I’m forever thankful to have such a terrific father.

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IF YOU LIKED THIS POST I BET YOU’LL ALSO LIKE: I Won’t Cry if the Cubs Lose, But if They Win…

THE KING OF STATEN ISLAND

Genre: Comedy

Rating: R

Running Time: 137 mins.

Where Can You See It?: Premium Video On Demand (“PVOD”) (Rent for $19.99)

Premise: 17 years after his firefighter father died while on duty, Scott (SNL’s Pete Davidson) has been in a near-constant state of arrested development. Living at home with his mom (Marisa Tomei) and dreaming of opening a tattoo parlor/restaurant, Scott’s comfy, irresponsible world is rocked when his mom starts dating a local firefighter (Bill Burr).

Behind-the-Scenes: Originally set for theatrical release this summer, Universal once again chose to go the PVOD route with this smaller-budgeted comedy, no doubt buoyed by the success of Trolls World Tour doing the same. This is director Judd Apatow’s first narrative feature since 2015’s Trainwreck. Like that Amy Schumer-starring comedy, Apatow is using his clout to lift other comedians’ voices – this time, it’s Pete Davidson. The script was co-written by Davidson and Apatow, and bears some personal resemblance to Davidson’s own life – his father was a firefighter who died on 9/11.

The Good: The cast. The performances by Tomei and Burr are top notch, with Burr proving to be a real surprise here, infusing his would-be stepdad character with equal amounts of dramatic weight and comedic chops. Tomei is always reliably great, and so is Bel Powley as Scott’s “friend with benefits who could be more.” Davidson carries the movie on his shoulders, even though the script never really requires him to stretch outside his limited comfort zone. This is probably Apatow’s most serious film yet – it’s certainly funny in parts, but not overtly so, and seems more content mining the dramatic territory for large stretches. It also looks better than any of his other films, with Robert Elswit serving as DP.

The Bad: Like most Apatow comedies, it’s way too bloated and overlong. The script meanders and does not have much in the way of inciting incidents, so the viewer really feels that length. A lot of subplots – particularly a pharmacy robbery scene – don’t really add anything. The movie sort of occupies the middle ground of comedy and drama – not funny enough to work as a pure comedy, and not enough emotional stakes to make an impact. It ends with a whimper – Scott grows up, but just barely.

Should You See It?: Not for $19.99. If you’re a fan of Apatow and this cast, it’s worth a watch, but I’d wait until it’s streaming for free somewhere. 

Star Rating: *** out of 5 stars

Better Than: The Wrong Missy, The Lovebirds

Worse Than: Trainwreck, Big Time Adolescence

* * *

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