RealtyTrac: Foreclosures at Lowest Level Since 2005

by Peter Thomas Ricci

Foreclosure starts were down by a hefty amount in June, according to the Midyear 2013 U.S. Foreclosure Market Report from RealtyTrac.


Foreclosures in the U.S. were down to their lowest level since 2005 in June, falling 21 percent from May and 45 percent from June 2012, according to the Midyear 2013 U.S. Foreclosure Market Report from research firm RealtyTrac.

In addition, both foreclosure filings and bank repossessions showed progress in the report, which analyzed the U.S. foreclosure markets for the first six months of this year.


Here in Chicago and Illinois, the situation is improving, albeit slowly. Although Illinois still has the third highest foreclosure rate in the nation (only Nevada and the mighty Florida are ahead), foreclosure activity in the Land of Lincoln fell 39 percent year-over-year in June, and with foreclosure auctions up 65 percent (to a 35-month high), we can expect more REO properties to circulate through the marketplace.

On a more local level, Chicagoland still has the ninth-highest foreclosure rate in the nation among metropolitan areas at 1.52 percent, and Rockford is three notches higher at No. 6 with 1.73 percent.

Interested in how Chicago compares with the rest of the nation? Check out our infographic below:

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