Woodstock Institute: Park Ridge foreclosure rate up, but less than elsewhere in area (Park Ridge Herald-Advocate)

By Jennifer Johnson

February 16, 2011

Foreclosures continued to increase in Park Ridge last year but at a rate that was lower than the Chicago region's average, a report from a foreclosure research group shows.

The Woodstock Institute's 2010 fourth-quarter report on foreclosures in the six-county Chicago region states that, overall, foreclosures increased 14 percent last year. Park Ridge ended 2010 below the average with foreclosures increasing 9.9 percent.

According to the data there were 222 foreclosures reported in Park Ridge in 2010, an increase of 20 compared with 2009. During the fourth quarter of 2010 there were a total of 52 foreclosures, 10 fewer than during the fourth quarter of 2009. In addition, there were 55 foreclosure auctions in Park Ridge last year, an increase of nearly 22 percent.

Like Park Ridge, Chicago's Edison Park community saw a foreclosure-rate increase of about 10 percent. The foreclosure rate in neighboring Niles remained nearly the same last year as it did in 2009, but in Des Plaines foreclosures increased 22.5 percent.

The Woodstock report shows that northern Cook County saw the lowest rate of foreclosure filings in 2010 compared with 10 other areas within the Chicago six-county region. Within northern Cook County the rate was 22.6 new foreclosure filings per 1,000 mortgageable properties. The area with the greatest foreclosure-filing rate was in southern Cook County, which reported a rate of 50.9 foreclosure filings per 1,000 mortgageable properties, the report stated.

"Clearly, the foreclosure problem in the Chicago area is not going away anytime soon," said Woodstock researcher and Senior Vice President Geoff Smith. "Even though many foreclosures were halted for several months in 2010, the region still saw double-digit increases from 2009 to 2010. It is likely that we will see an even larger jump in foreclosures in early 2011."

Foreclosures increased 1.9 percent in Glenview, 5.5 percent in Deerfield, 8.3 percent in Skokie, 11.4 percent in Chicago's Norwood Park community, 12.3 percent in Morton Grove, and 18.8 percent in Evanston.

Foreclosures dropped 26 percent in Wilmette and 18 percent in Hinsdale, the only communities among the region's 100 most populous municipalities to see significant decreases.

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