Foreclosure filings up 21 percent nationwide in September
Foreclosures continued to plague real estate markets around the country during September. According to RealtyTrac, an online real estate firm, a total of 81,312 homes were foreclosed during the month.
Foreclosure filings were up as well, showing a 21 percent increase from the same period last year, but was slightly lower than the number of foreclosure filings seen in August. August foreclosure filings were at an all time high. However, foreclosure filings were off by 12 percent during September with a total of 265,968 filings sent out to delinquent borrowers during the month.
Lawmakers have been working around the country to provide some relief to distressed homeowners facing foreclosures in recent months. The increase in foreclosures has led to blight in the most affected neighborhoods as well as a decline in prices for properties located nearby. Homeowners are competing with foreclosed homes priced well below the current market value, leaving many people with a loan valued higher than the home.
However, buyers are currently enjoying some great deals on homes, including single-family homes and condos around the Chicago Real Estate market. If you’re on the market for a condo or home in Chicago, browse through the best available units today.
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