Decline in Foreclosures Not Expected to Last

Although foreclosure filings across the country have dropped, financial experts believe that this trend is short-lived.

According to a company that watches trends in the housing market, areas like Chicago have seen a recent decline in foreclosures. When compared to September of last year, foreclosures in the Chicago metropolitan area dropped 29.4 percent, as well as 6.7 percent from the preceding month of this year. In total, 10,475 homeowners received notices of foreclosure, which amounts to one in every 361 homes.

The national trends were even more promising with the company showing a 38.16 percent decrease in filings from the same period last year. This means that one out of every 605 properties received a notice of foreclosure.

Are you in danger of losing your home? If so, know that you may be able to halt the foreclosure process by working with a Chicago bankruptcy lawyer. To learn how an attorney from our office can help you, contact Bizar & Doyle, LLC now.