Completed Chicago foreclosures rise in first quarter of 2011
We previously posted on our Chicago Bankruptcy Lawyers Blog that the number of foreclosures in Chicago fell 16 percent in March when compared to March of 2010. Year-to-year comparisons don't always paint the entire picture of what is currently happening in today's market.
Chicago Breaking Business reported 2,800 properties became bank-owned in Cook County during the first quarter of 2011, indicating a 10.5 percent increase in completed foreclosures when compared to the fourth quarter of 2010.
Conversely, completed foreclosure auctions were down over 50 percent when compared to the first quarter of 2010.
Our Chicago bankruptcy lawyers know the stress that homeowners go through when they are about to lose their house. Contacting an experienced foreclosure defense attorney in Cook County can ease your mind in determining the right course of action for dealing with mortgage debt.
With the move by the government to put the kibosh on the failed Home Affordable Modification Program, homeowners are back to square one in figuring out how to cope with mortgage debt and the threat of filing for bankruptcy. The odds continue to be against struggling homeowners.
The Chicago Sun Times reports the following recent changes to foreclosure reports:
-Hundreds of houses have been added to Cook County's vacant property inventory during the first quarter of 2011.
-Overall foreclosure filings rose over 7 percent in Cook County during the first quarter when compared to January through March of 2010.
-Completed auctions rose 14.4 percent in the city of Chicago from fourth quarter 2010 to first quarter 2011.
Problems with foreclosure documentation skewed the actual statistics and caused unreliable documentation that homeowners are finally getting back on their feet again. Lower income property filings have continued to decrease slightly but wealthy areas of Chicago don't tell the same story. One prosperous area of Chicago, the Lakeview neighborhood, showed a 60.3 percent increase in initial foreclosure filings. It just goes to show that the sluggish economic recovery has taken a toll on everyone in the state.