Dramatic Increase in Foreclosures for Cook County

An increase in Cook County foreclosures is the reported reason for a dramatic increase in foreclosure filings in the Chicago area.

In May, about 3,560 homeowners in Cook County alone were informed that their properties were now entering the foreclosure phase. While this figure is low when compared to foreclosure filings during the same period last year, it does represent an increase from the month before in 2011. Cook County was followed by Lake and Will counties in showing an increase in foreclosure filings.

According to RealtyTrac, there was actually a decrease nationwide in foreclosure filings, of 2 percent, last month. In total, 214,927 properties were repossessed by a bank, sold through a sheriff's sale or received a notice of default. In fact, the number of notices sent out in May 2011 represented the lowest amount recorded since December 2006. Since lending institutions have been more diligent with foreclosure cases, since the scandal earlier this year, filings have declined overall.

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