CoreLogic: Foreclosure Markets in Chicagoland Improve Radically

by Peter Thomas Ricci

There are many uncertainties in the world, but here’s one thing we know for sure – progress has been made on the foreclosure front.

Foreclosure inventory in the Chicagoland housing market plummeted 41 percent year-over-year in February, according to the latest National Foreclosure Report from CoreLogic.

Indeed, Chicagoland’s foreclosure inventory, though still high at 3.2 percent of mortgaged properties, is down from 5.4 percent a year ago. Also, with 13,664 completed foreclosures in the last year, Chicagoland had the third most in the nation.

There is one persistent thorn, though – 7.2 percent of Chicagoland properties are still in serious delinquency, so while progress has been made, we still have some lingering effects of the crisis.

How does our local market, though, compare with the rest of the nation? Take a look at our graphic below for an idea:

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