By Brian Honea
The number of foreclosure filings in a six-county region in Illinois that includes Chicago dropped by nearly 38 percent from the first half of 2013 to the first half of 2014, falling to its lowest level since 2007, according to data released by the Woodstock Institute on September 4.
Foreclosure filings, also called foreclosure starts, are the first step toward foreclosure. While filings took a dramatic drop, however, foreclosure auctions – the final step in the foreclosure process – experienced a less drastic year-over-year decline, according to the data.
The exact number of filings for the first half of 2013 for the six-county region was 22,342, according to Woodstock. This number of filings for the same period in 2014 was 13,916, a decline of 37.7 percent year-over-year. Woodstock reported 16,332 foreclosure auctions for the six counties in the first half of 2013, a number which declined to 13,602 for the first half of 2014 – a drop of 16.7 percent.