Foreclosure starts in Chicago area ease in 3Q, RealtyTrac reports
Almost 23,000 homes in the Chicago area received a notice related to a mortgage foreclosure action during the third quarter, but local foreclosure activity is nonetheless down more than 40 percent from a year ago, RealtyTrac said.
Nationally, third-quarter foreclosure starts were at a seven-year low, and the number of homes repossessed by banks decreased 24 percent from last year. They were still up 7 percent from the quarter that ended in June. Almost 119,500 homes became bank-owned in the third quarter.
In Cook County, 11,955 homes received some sort of foreclosure notice in the three months ended in September. That's down from 15,584 homes in the second quarter and 21,133 in 2012's third quarter.
While the number of homes that received default notices or notices of a court-ordered sale fell markedly, the number of homes that were repossessed rose 65 percent from June, to almost 3,300 properties, according to RealtyTrac.
RealtyTrac's definition of the Chicago area extends from Kenosha, Wis., to Northwest Indiana.
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