Posted on Saturday, 21st January 2012 by Gregory T
The good news is that Chicago foreclosure activity was at its lowest level in three years in 2011. The bad news is it’s headed back upward.
A rising number of local homes were repossessed by lenders or sent to court-appointed auctions in the fourth quarter of last year, according to the Chicago Tribune. An estimated 11 percent more houses were repossessed in the last quarter of 2011, and 62 percent more properties were auctioned off.
Many experts predicted this temporary slowdown in foreclosure activity – not because folks were better able to afford their house payments, but because big banks put a halt on many foreclosures to investigate their flawed procedures.
Tags: Back, Chicago Foreclosure, Chicago Foreclosure Activity, Foreclosure Activity
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