Foreclosures in Chicagoland Down 49.8% From Peak

by Peter Thomas Ricci

The Chicagoland housing market has made considerable strides in the last year, according to CoreLogic’s latest MarketPulse.

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Home foreclosures in the Chicagoland housing market are down 49.8 percent from their peak, according to the latest MarketPulse report from CoreLogic, which covered housing data through 2013.

Other important findings from the MarketPulse report included:

  • Total sales in Chicagoland were up 24.0 percent in 2013, with distressed sales making up 30.7 percent of all purchases; though relatively high, that’s down from 35.8 percent from 2012.
  • Home prices, meanwhile, rose 12.5 percent from 2012 to 2013, but they remain 26.1 percent below their boom-era peak.
  • Of the area’s mortgage properties, 7.6 percent are still seriously delinquent, though that’s down 28.1 percent from 2012; also, though 2013’s third quarter, 20.5 percent of mortgaged properties were in negative equity, and there remains a 9.9-months supply of distressed homes.

How did our local market compare with CoreLogic’s national findings? See our graphic below for some perspective:

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