Chicago home foreclosure filings spiked by 35 percent in July when compared to last year, according to RealtyTrac. Bank repossessions in the Chicago area and the state jumped by 23 percent last month when compared to the previous year, which goes against national trends.
“We’re seeing a rebound in foreclosure activity off of artificially low
levels last year,” RealtyTrac Vice President Daren Blomquist told the Sun-Times. “What we’ve seen over the past year
and a half is kind of a false bottom. The market is reaping the
consequences of delaying foreclosures in the form of increased numbers
Foreclosure filings in Illinois are expected to continue at the current rate for quite some time, with experts saying they will not return to near-normal levels unil mid-2014. July marked the seventh consecutive month of annual increases in foreclosure filings in Illinois.