Cook County, Illinois, and national foreclosure rates all spiked in January, according to data released last week by RealtyTrac. The number of Cook County foreclosure filings jumped 26 percent from December, and scheduled foreclosure auctions in Illinois hit a 15-month high. Nationally, there was a three percent rise in foreclosures last month.
The Tribune reports that the news might not be all bad. The increased foreclosures could be due to a finalized legal settlement regarding the robo-signing of foreclosure documents. However, there is still skepticism among local housing advocates and around the country that the foreclosure process is now fair and legal.