Foreclosures Expected to Trend Upwards in 2011

Foreclosures in Chicago have increased 14% between 2009 and 2010 and are expected to trend upwards in 2011 according to a local non-profit group Woodstock Institute.

Of the six counties that comprise Chicago - Cook, DuPage, McHenry, Will, and Lake had 80,000 new foreclosures. In this area alone, 35.1 homes out of every 1,000 with a mortgage were in foreclosure last year. McHenry County experienced the highest level of year-over-year gains in foreclosure filings, showing an increase of 33%, up 10.6% from the previous year.

In spite of the moratoriums that plagued 2010 bankruptcy filings increased in the fourth quarter. A total of 21,026 new foreclosures went on record during the last quarter, according to the Woodstock Institute. As foreclosures increased so too did auction sales that saw 21,000 homes put up for sale. Of these properties 95% would up as lender-owned, or REO, and under the category of "likely vacant."

Out of all the auctions, those completed increased 25.2% from 2009.

Are you looking to fight your foreclosure?  If so, contact our legal team to get advice and representation from a Chicago bankruptcy attorney.