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Chicagoland Foreclosures on the Rise

by Chicago Agent

Image by © fotog/Tetra Images/Corbis

Investigations into mortgage servicers’ processes are over and the delay in foreclosures has ended, too. The number of properties that are being returned to lenders is increasing once again.

According to a report released Wednesday by the Woodstock Institute, a Chicago-based research and advocacy group, in 2010’s final quarter and the first three months of 2011, the number of completed foreclosures in Cook County increased by 10.5 percent. Nearly 2,800 properties became bank-owned during the first quarter.

The Chicago Tribune reported that compared to the first quarter in 2010, the figure of completed foreclosure auctions was down 54.3 percent.

In the first quarter of this year, about 10,449 residential properties had foreclosure proceedings started by lenders. This is a 7.2 percent increase when compared to 2010’s first quarter. There were significant increases in all parts of Cook County varying from 10.4 percent in northwest Cook County to 18.2 percent in north Cook County.

The city of Chicago’s initial foreclosure filings went up 1 percent in the first quarter of this year compared to the same time last year. According to the Chicago Tribune, there is a continuing decline in activity throughout lower-income neighborhoods. However, the more upscale neighborhoods are continuing to experience a growth in foreclosure filings. For instance, Chicago’s Lakeview neighborhood had an increase in filings of 60.3 percent during the first quarter.

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