Chicago-area foreclosures drop 38% in first half of 2014 (Chicago Tribune)

By Mary Ellen Podmolik

Initial foreclosure filings during the first half of the year were at their lowest level in the Chicago area since 2007, new data shows, but getting homes through the process and out on the other side continues to slow the local housing market's recovery in some communities more than others.

While the number of homes in the six-county region entering the process fell by almost 38 percent from 2013's first half, to just under 14,000 cases, foreclosure auctions decreased by only 17 percent to 13,602 auctions, according to a report scheduled to be released Thursday by Woodstock Institute, a Chicago-based research and public policy organization.

"You had this huge influx of filings that was the pig in the snake," said Spencer Cowan, a vice president at the group. "The court got backlogged. It's taking time to work through the system.' 

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