Foreclosures drop in Franklin Park (Franklin Park Herald-Journal)

New foreclosure filings have dropped in Franklin Park by 42.4 percent between 2012 and 2013.

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.

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