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Are the Foreclosure Markets Improving?

by Peter Thomas Ricci

RealtyTrac’s latest analysis of the U.S. foreclosure markets found many positive developments, though there still remains work to be done.

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The foreclosure markets continued their slow, steady improvement in the latest U.S. Foreclosure Market Report from RealtyTrac, though foreclosure activity did flare up somewhat.

According to RealtyTrac’s report, which studied the foreclosure markets in February, both foreclosure filings and starts were down year-over-year, though both measures also rose from January, mainly on the strength of foreclosure activity in Washington and Maryland.

For the majority of housing markets, though, RealtyTrac Vice President Daren Blomquist said the worst is over.

“At a high level the U.S. foreclosure inferno has been effectively contained and should be reduced to a slow burn in the next two years,” Blomquist said.

Here in Illinois, the situation was quite improved in February: foreclosure filings were down 10 percent from January and 5 percent from February 2012, and overall foreclosure activity fell for the third straight month. Where do Illinois and Chicago, though, stack up with the rest of the nation? See our infographic below to find out.

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