photo credit: markcbrennan
Chicago is now showing record levels of foreclosed homes, according to a listings firm, with 15,752 homes joining the ranks of bank-owned properties in the third quarter of 2008.
Hard-hit regions in the area of the US city include Cook, Dupage, Kane, Kendall, Lake, McHenry, Will and Winnebago Counties, said ilFLS.com.
The figure is up seven per cent on the same period for the second quarter of the year, the company said.
In the third quarter of 2006 there were only 8,400 total foreclosure filings in the Chicago area, meaning the rate has almost doubled in the space of 12 months.
IIFLS.com said:
“Cook County, Illinois’ most populous county, accounts for 9,696 foreclosures, a 4.25 per cent increase over the previous quarter.
“Dupage, Kane, Kendall, Lake, McHenry and Will Counties all experienced increased foreclosure numbers in the third quarter with Will County filings increasing by a whopping 29 per cent.”
The company added Winnebago County was the only county which saw a drop in the number of foreclosed homes in the third quarter, down by 10 per cent on the previous three months.
Earlier this month property specialists RealtyTrac said America’s foreclosed homes filings rate was still increasing, with activity up 12 per cent in August.
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I’m not surprised that the Chicago area has been slammed with foreclosures. Afterall, Illinois foreclosures happen because life happened… an illness, a job loss due to a plant closing, a lack of a budget to plan for an unexpected event, a divorce or any other unplanned event for a family can cause this tragedy of foreclosure and all of the stress that understandably goes with it. Providing emotional and even financial support to a friend, family member, co-worker or neighbor would mean the world to them. So many who looked down on some people who had suffered this loss…are now facing it.
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