November foreclosures skyrocket 68 percent
The number of homeowners who are facing foreclosure proceedings continues to climb across the country. During November, foreclosures were up 68 percent from the same month last year, but also registered a 10 percent drop from October.
A total of 201,950 foreclosure filings were reported during November, an increase from 120,334 during the same month last year, according to Realty Trac, Inc. It was a slight drop from the 224,451 foreclosure filings seen during October.
Nevada led the country in foreclosure filings during November. The state saw a total of 6,694 foreclosures during the month, an increase of 167 percent from last year. The state has been hit hard by speculative developments that now stand empty. Many buyers are investors who bought a second home to flip, and now are unable to sell the property at a price that allows them to break even.
Florida, Ohio, and California followed in the list of states with the highest rate of foreclosure filings. Illinois was ranked 10th during the month, behind Indiana and Michigan.
With prices falling as a result of an increase in foreclosures, buyers looking for Chicago Real Estate at incredible prices are finding great deals around the region.
Technorati Tags: Chicago Real Estate, Chicago Foreclosures, Chicago Homes For Sale
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