There were 224 foreclosures filed in Franklin Park in 2012. That dropped to 129 in 2013. Those numbers are according to the Woodstock Institute, a research and advocacy nonprofit in Chicago that works on fair lending, wealth creation and financial reform issues.
Katie Buitrago, a senior policy associate, suggests the decrease in new filings is due to a combination of factors.
“I think there was a backlog in foreclosures in process due to regulatory actions that happened a few years ago,” Buitrago said. “Unemployment is getting a little better. Home prices are starting to pick up in some markets. Also, there are more options for disposing of distressed properties that are in foreclosure like a short sale.”
It’s not just Franklin Park. The six-county region has seen a 41.6 percent drop in new filings while nearby Elmwood Park has seen a dramatic 58.8 percent decrease in new filings.