CHICAGO (CBS) — It’s taking longer than ever for Chicago area lenders to work through the state’s backlog of home foreclosures.
Even though the local housing market may be showing some signs of recovery, lenders are not jumping for joy just yet.
Realty Trac says that last quarter, it took lenders an average 673 days, almost two years, to repossess a foreclosed home in Illinois.
It’s the fourth slowest process in the country.
The reason: Lenders here must jump through more legal hoops to foreclose.
It means that a homeowner getting a default notice today would not lose their home until August 2014.
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