New foreclosure filings in the Chicago six county region dropped more than 40 percent in 2013, reaching the lowest level since 2007, new data from Woodstock Institute show. Completed foreclosure auctions in the region dropped slightly, but continue to occur at an alarming rate.
“The decline in new foreclosure filings is an encouraging sign of recovery for the Chicago region,” said Dory Rand, president of Woodstock Institute. “While much of the region recovers, however, low-income communities and communities of color continue to see high numbers of filings and auctions.”
“Completed foreclosure auctions in the region remain extremely high,” noted Rand. “Some communities, especially low-wealth communities and communities of color, have experienced high levels of foreclosure filings and auctions for over five years. There is a lot of work to do to help these communities recover, put vacant homes to productive use, and prepare new homeowners.”
The newly released data on foreclosure filings and auctions in the second half of 2013 show that:
New foreclosure filings in 2013 for the Chicago region fell to the lowest level since 2007. Foreclosure filings in the Chicago six county region, which includes Cook, DuPage, Kane, Lake, McHenry, and Will Counties, fell more than 40 percent from 66,783 filings in 2012 to 39,985 filings in 2013.
- Sub-regions that saw particularly large declines in new foreclosure filings include West Cook County (down 47.1 percent), North Cook County (down 43.9 percent), and Northwest Cook County (down 42.6 percent). Will County showed the smallest decline in filings, but still saw a 32.1 percent decrease from 2012.
- The City of Chicago experienced a 40.6 percent drop in new foreclosure filings, from 18,407 in 2012 to 10,938 in 2013, the lowest number in a single year since 2006. Of the 77 Chicago community areas, 76 saw a decrease in new filings. Community areas with the largest declines in foreclosure filings were Riverdale (down 60 percent), Morgan Park (down 56.6 percent), and Lincoln Square (56 percent).
- Suburban municipalities that experienced significant decreases in new foreclosure filings in 2013 include Wilmette (down 59.3 percent), Elmwood Park (down 58.8 percent), and Highland Park (56.5 percent).
Completed foreclosure auctions continue at high levels. Completed auctions in the Chicago six county region fell just 9.7 percent from 35,244 in 2012 to 31,830 in 2013.
- Sub-regions that experienced the greatest drop in completed foreclosure auctions were McHenry County (down 30.8 percent), DuPage County (down 25.2 percent), and Lake County (down 17.7 percent). Three sub-regions saw an increase in foreclosure auctions: Will County (up 9.8 percent), South Cook County (up 6.6 percent), and Southwest Cook County (up 2.8 percent).
- In the City of Chicago, completed foreclosure auctions fell just 6.5 percent, from 9,632 in 2012 to 9,004 in 2013. Community areas with notable increases in auctions include Morgan Park (up 35.5 percent) and Forest Glen (up 34.5 percent), while community areas with significant decreases include Jefferson Park (down 46 percent) and Hermosa (down 38.3 percent).
- Suburban municipalities that experienced significant increases in completed auctions in 2013 include Wilmette (up 45 percent), New Lenox (up 39.1 percent), and Lockport (up 33.3 percent). Large declines in auctions were seen in Libertyville (down 46.2 percent), West Chicago (down 44.8 percent), and Woodstock (down 42 percent).
The number of properties at foreclosure auction that became bank-owned decreased slightly. The number of properties that completed foreclosure auction and became bank-owned or real-estate-owned (REO) in the Chicago six county region dropped 14.2 percent, from 32,163 in 2012 to 27,608 in 2013. In the City of Chicago, the number of properties at foreclosure auction that became REO dropped 10.3 percent, from 8,824 in 2012 to 7,914 in 2013.
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