Foreclosures Up 35 Percent In Chicago

LOS ANGELES (CBS) – New data suggest the Chicago suburbs are heading for more empty homes as a consequence of the foreclosure crisis.

LISTEN: Newsradio 780’s Regine Schlesinger Reports

The Chicago-Naperville-Joliet metropolitan survey area posted the second-highest annual jump in foreclosures the country, a 35 percent increase, foreclosure listing firm RealtyTrac Inc. said Thursday. One in every 84 households in the area received a foreclosure notice.

Chicago also had the third-highest number of homes repossessed by lenders during the quarter — 12,568 — behind the Phoenix metro area’s 14,317 and the Miami metro area’s 12,963, RealtyTrac said.

The only metropolitan area that had it worse was Seattle-Tacoma-Bellevue, which saw a staggering 71 percent increase in foreclosures. One in every 129 households received a foreclosure filing.

The foreclosure crisis intensified across a majority of large U.S. metropolitan areas this summer. Among states, California, Nevada, Florida and Arizona remain the nation’s foreclosure hotbeds, accounting for 19 of the top 20 metropolitan areas with the highest foreclosure rates between July and September,

Economic woes, such as unemployment or reduced income, continue to be the main catalysts for foreclosures this year. The U.S. unemployment rate hit 9.6 percent last month.

(TM and © Copyright 2010 CBS Radio Inc. and its relevant subsidiaries. CBS Radio and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.)

More from Regine Schlesinger
  • Heather Theisen

    I would like to send a e-mail regarding my nightmare of a time with the Making homes affordable program. How a 4 month trial program turned into 11 months and now no help from PNC and sending us to their attorney for foreclosure. Thank you,

    Heather Theisen

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