CHICAGO (WBBM) — Foreclosures are at the lowest level since 2006, but that doesn’t really tell the story.
As WBBM Newsradio 780’s Mike Krauser reports, experts say the decline has more to do with a slowdown in processing, and a continued slowing housing market.
In fact, this year’s foreclosures are just being pushed into next year, experts say.
LISTEN: Newsradio 780’s Mike Krauser reports
“The reality is the longer these folks are in delinquency or default, the more they end up owing in arrears, and it makes it less and less likely they’ll be able to modify a loan or cure their default,” said RealtyTrac senior vice president Rick Sharga.
Nationally, foreclosure activity in May was down 2 percent from April and 33 percent from a year ago.
Illinois home foreclosure activity rose more than 5 percent in May compared to the previous month, led by new filings in Cook County.