Foreclosures of single-family homes and condominiums in Chicago climbed by 58 percent during the second quarter. While it was a huge increase in the number of families facing the specter of losing their home, the situation is even worse in many other areas around the nation.
According to data from RealtyTrac, a California-based company, the Chicago area ranked 35th of 100 major metropolitan areas in foreclosures. The area had a total of 21,488 homes and condominiums at some point in the foreclosure process during the second quarter.
The Stockton, California metropolitan area led the nation in the rate of foreclosures during the second quarter. A total of 1 in 25 homes in the Stockton area are in some stage of foreclosures. In comparison, 1 in 144 homes in the Chicagoland region are in foreclosure.
The foreclosure rate nationwide was up more than 100 percent during the second quarter as Congress races to pass a law that would bring much needed relief to homeowners in distress. The bill would help many homeowners around the nation to refinance to more affordable interest rates, helping many on the Chicago Real Estate market to avoid foreclosure.
Technorati Tags: Chicago Real Estate, Chicago Foreclosures, Chicago Homes For Sale
