Woodstock Institute Reports A Spike in Completed Foreclosures
Although there are no accurate foreclosure numbers on a national scale, the Woodstock Institute does a good job of keeping track of foreclosure data in the Chicagoland area. The Institute's most recently released data shows a major spike in completed foreclosures.
Between the first half of 2011 and the first half of 2012, completed forelcosures have more than doubled. In the first half 2011, there were 8,515 completed foreclosure auctions. In the first half of 2012, there were 17,432 completed foreclosure auctions.
These numbers are significant because they represent foreclosure lawsuits that have been completed and the case closed. This spike likely represents the large number of foreclosures that servicers put on hold in 2010 which have since been reactivated and are working their way out of the system.
This also means that we might not see home values stabilize in Chicago to the extent that they may have stabilized in other areas. The vast majority of those 17,000 properties are likely vacant, which does little to combat blight in areas that were already heavily hit.
On the other hand, foreclosure filings have remained relatively flat. The Institute reports only a 3.1% increase in filings from the first half of 2011 to the first half of 2012. This trend further supports the idea tha the spike in completed foreclosures was stalled cases finally working their way through the courts.
You can review the raw data by clicking on this link.