Skip to main content

Chicago has one of nation’s highest foreclosure rates

Foreclosure sign Shutterstock_51518569 Chicago had one of the nation’s highest foreclosure rates in the first half of 2022 as the end of moratoriums pushed the numbers back toward pre-pandemic levels.

Some 0.30 percent of the city’s housing units had foreclosure filings, compared with the national rate of 0.12 percent, according to a midyear report from Attom Data Solutions that analyzed more than 200 major metro areas.

Cleveland, Ohio, topped the list with a foreclosure rate of 0.4 percent, and Atlantic City, New Jersey, and Jacksonville, North Carolina, were close behind with 0.33 percent and 0.31 percent respectively.

The report found that there were a total of 164,581 properties with foreclosure filings in the U.S. in the first six months of the year, up 153 percent from the same time period last year but down 1 percent from the same time period in 2020.

The data represents a slow, steady climb of foreclosures back to pre-pandemic levels, Rick Sharga, executive vice president of market intelligence at Attom, said in a statement.

“While overall foreclosure activity is still running significantly below historic averages, the dramatic increase in foreclosure starts suggests that we may be back to normal levels by sometime in early 2023,” he said.

The foreclosures were frequently on loans that were already in foreclosure or were more than 120 days delinquent before the pandemic.

“Many of these loans were protected by the government’s foreclosure moratorium, or they would have already been foreclosed on two years ago,” he said. “There’s very little delinquency or default activity that’s truly new in the numbers we’re tracking,” he said.

Just seven of the 223 metro areas analyzed bucked the trend. Lake Havasu, Arizona; Eugene, Oregon; Springfield, Illinois; Shreveport, Louisiana; and Brownsville, Texas, had fewer foreclosures compared with 2021.

By state, Illinois had the highest foreclosure rate, at more than a quarter of a percent of housing units. Close behind were New Jersey, at 0.24 percent, Ohio at 0.21 percent, Delaware at 0.2 percent and South Carolina at 0.19 percent.

Source: The Real Deal

Join AAOA for Free!

All types of rental property owners welcome