Chicago Tribune recently reported that the percentage of foreclosures is down in Chicago.
As of October, nearly 4% of the homes in the Chicago area that had mortgages
were undergoing the foreclosure process. This is an improvement from the
5.7% that were in foreclosure a year ago. This information was taken from
housing data that was recently released by CoreLogic, according to the
While these numbers brings good news for homeowners in and around Chicago,
it should be kept into perspective with additional data provided by CoreLogic--the
percentage of local homes that were seriously delinquent was 7.9%. When
homeowners are seriously delinquent on their mortgages, they are at risk
of having their homes foreclosed upon. In addition to the information
provided above, the Chicago Tribune also noted that in the 12 month-period
that ended in October 2013, a total of 19,765 Chicago-area homes completed
the foreclosure process. On a national scale, the number of homes in foreclosure
in October was 31% lower than the previous year, yet the foreclosure rate
is still high compared to pre-recession levels.
This new housing data goes to show that even though the foreclosure climate
is improving in the Chicago area and the U.S. as a whole, the possibility
of losing a home to foreclosure is still a looming threat that we have
not completely gotten a handle on. There are still many people out there
who are either facing foreclosure now or who are on the brink of facing
such a problem. If you are one of those people, the best thing to do is
to take immediate action while there is still time. At Borden Law Firm,
P.C., we have
Chicago foreclosure lawyer who can provide you with aggressive
foreclosure defense. With Attorney Jerry Borden's help, you may be able to find a solution
that benefits you and your family.
Contact us for assistance!