The real estate business is booming right now which often means that foreclosures are at an all time low. According to the RealtyTrac Market Report, foreclosures in our city are almost as low as they were in February and bank repossessions are fairly low too.
Check out this concise blog on ChicagoNow going in depth with numbers and percentages based on the data presented by RealtyTrac. It presents data from this year’s beginning half.
Daren Blomquist, vice president at RealtyTrac, explains what is driving this decline:
U.S. foreclosure starts have not only returned to pre-housing crisis levels, they have fallen well below those pre-crisis levels and are still searching for a floor, down 4 percent from a year ago. Loans originated in the last five years continue to perform better than historic norms, with tighter lending standards and more cautious borrower behavior acting as important guardrails for the real estate boom of the past three years.
