According to statistics released yesterday by CoreLogic, the percentage of Chicago metro area mortgage loans that are more than 90 days delinquent fell sharply year-over-year in March, from 9.44% to 7.01%. During the same period the local foreclosure rate fell from 5.22% to 3.09%.
Both rates are substantially higher than US averages, but that may reflect nothing more than the fact that foreclosures take longer to complete in Illinois than in most other states.
The 90+ day delinquency rate includes loans that are in foreclosure. The foreclosure rate is the percentage of mortgaged homes in some stage of the foreclosure process.