Chicago Foreclosure Activity Sees Big Jump in October
It’s unfortunate, but it appears that the rate of housing foreclosures in Chicago saw a big increase in October.
That’s the latest news from a recent foreclosure report released by Attom Data Solutions. Crain’s Chicago Business recently covered the report, saying that the Chicago area had the highest foreclosure rate among the country’s 20 largest cities in October.
According to the story, 6,653 housing units were in the middle of some stage of the foreclosure process in Chicago during October. If that seems like a lot of homes, that’s because it is. According to the Crain’s feature, the number of housing foreclosures in the market jumped more than 34 percent when compared with September.
The number of foreclosures came out to one in every 571 housing units.
Across the nation, foreclosure activity in October jumped just 27 percent from September.
If you’re looking for good news, there is a bit. According to Attom’s research, the number of homes in some stage of the foreclosure process was down from October a year earlier. In fact, the number of homes in the foreclosure process here took a dip of about 4.4 percent this October when compared to the same month a year earlier. That’s a good sign that despite the October increase this year, foreclosure activity in Chicago is still on the way down.
Attom told Crain’s that many of the homes in foreclosure in the Chicago area today were financed with low-down-payment mortgage loans that were originated in 2009 or later.
No one wants to lose a home to foreclosure. If you are struggling to make your own mortgage payments, call your lender immediately. This might sound counterintuitive. It might even be an embarrassing call to make. But your lender might be able to provide you with financial relief, possibly lowering your monthly payment at least temporarily until you can resolve your financial challenges.
The one thing you shouldn’t do? Ignore the problem.