Realty Trac is reporting that Cook County foreclosures soared 51% in February compared to February of a year ago.
“In Cook County last month, 3,106 mortgage holders were notified that their properties had fallen into default and foreclosure proceedings had begun. Another 1,894 properties were scheduled for court-supervised auction while 2,045 became bank-owned. That level of activity was a drop of 17 percent from January but 51 percent greater than February 2011.”
Cook County includes more than just Chicago, of course. But Realty Trac doesn’t parse out the city versus the other towns in the county so we’ll have to go with the county data.
Last year, there was a delay in foreclosure filings due to the robosigning debacle and negotiations between the banks and various state attorney generals.
Realty Trac and other analysts have been warning that foreclosures would pick up again in 2012.
REOs and short sales made up just more than half the sales in Chicago in February.
Can you have a market “bottom” when REOs/short sales make up such a big percentage of sales?
Chicago-area foreclosures jump 42% in February [Chicago Tribune, Mary Ellen Podmolik, March 15, 2012]