Chicago-area foreclosure rate continues to decline

Foreclosure rates in the Chicago area decreased for the month of August over the same period last year, according to newly released data from CoreLogic.

The CoreLogic data reveals that the rate of Chicago-area foreclosures among outstanding mortgage loans was 2.57 percent for the month of August 2014, 40.6% below the August 2013 rate of 4.33 percent. Foreclosure activity was nearly 60% higher than the national foreclosure rate, which was 1.61 percent for August 2014.

The Chicago-area mortgage delinquency rate also decreased. According to CoreLogic data for August 2014, 6.33 percent of mortgage loans were 90 days or more delinquent, a 24.3% decline from the 8.37 percent for the same period last year.

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